Hemosol lays off two-thirds of workforce to conserve cash

By Angela McDaniels

Seattle, Oct. 28 - Hemosol Corp. said it has served layoff notices to about two-thirds of its employees in order to conserve its remaining cash.

Hemosol said it has discussed private placement financing and potential strategic transactions with several parties but has been unable to obtain a commitment.

No assurance can be given that Hemosol will be able to complete any such transactions given its current financial resources.

Hemosol said it requires additional capital shortly to continue as a going concern. Hemosol is biopharmaceutical company headquartered in Toronto that develops biologics, particularly blood-related, protein-based therapeutics.

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