Hepalife gets $1.5 million loan from director

New York, Dec. 7 - Hepalife Technologies, Inc. said it agreed a $1.5 million loan with director and majority shareholder Harmel S. Rayat.

The company will draw on the loan as needed, according to an 8-K filing with the Securities and Exchange Commission.

On Dec. 5, the company drew $200,000. The note is repayable on Dec. 5, 2006 and pays interest at 8.5%.

Hepalife is a Vancouver, B.C., biotechnology company.

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