Hemosol license agreement issues hearing postponed to July 31

By Caroline Salls

Pittsburgh, June 29 - Hemosol Corp. said the hearing to determine issues related to its license agreement with ProMetic Bioscience Ltd. was postponed to July 31 from July 13.

According to a company news release, ProMetic will not be able to seek further adjustments before the hearing, in order to provide parties with more time to prepare for the hearing.

At the hearing, Hemosol interim receiver PricewaterhouseCoopers Inc. will ask the court to determine whether ProMetic has been engaged in activities that are in breach of the license agreement and in contempt of the court-ordered stay of proceedings against Hemosol.

In addition, ProMetic's counsel advised the Ontario Superior Court of Justice that the company will drop its motion to determine whether the stay of proceedings against Hemosol can be lifted to allow ProMetic to terminate the license agreement, and whether there is any basis upon which ProMetic can terminate the agreement.

Hemosol, a Toronto biopharmaceutical company, filed for bankruptcy on Dec. 2, 2005 in the Ontario Superior Court of Justice.

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