Court Grants Hemosol Further Stay Extension



    TORONTO, June 4 /CNW/ - PricewaterhouseCoopers Inc. in its capacity as
interim receiver (the "Interim Receiver") of the assets, property and
undertaking of Hemosol Corp. ("Corp") and its affiliate Hemosol LP ("LP", and
together with Corp, "Hemosol") today announced that the Ontario Superior Court
of Justice (the "Court") granted a further extension of the stay of
proceedings against Hemosol. The current Companies' Creditors Arrangement Act
stay of proceedings will now expire on June 28, 2007. The further extension
will allow the Interim Receiver to complete negotiations with Catalyst Fund
Limited Partnership II ("Catalyst") with a view to bring a motion to the Court
on June 28, 2007 for the approval of a series of transactions resulting in the
sale of the assets and business of Hemosol to an entity controlled by
Catalyst.
    The proposed transaction is for the sale of the assets and business of
Hemosol to Catalyst, and does not contemplate the purchase by Catalyst of any
of the Hemosol entities, at this time. As such, no distribution is
contemplated to made to the shareholders of Hemosol in connection with the
proposed transaction.

    About Hemosol

    Hemosol is an integrated biopharmaceutical developer and manufacturer of
biologics, particularly blood-related protein based therapeutics.

    Certain statements concerning Hemosol's future prospects are
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and other applicable securities
legislation. There can be no assurances that future results will be achieved,
and actual results could differ materially from forecasts and estimates.
Important factors that could cause actual results to differ materially from
forecasts and estimates include, but are not limited to: Hemosol's continued
viability as a going concern; the risk that Hemosol may not become profitable;
the Receiver's ability to complete a transaction pursuant to the terms of the
Order; and other factors set forth in filings with Canadian securities
regulatory authorities and the U.S. Securities and Exchange Commission. These
risks and uncertainties, as well as others, are discussed in greater detail in
the filings of Hemosol with Canadian securities regulatory authorities and the
U.S. Securities and Exchange Commission. Hemosol makes no commitment to revise
or update any forward-looking statements in order to reflect events or
circumstances after the date any such statement is made.





For further information:

For further information: visit Hemosol's website at www.hemosol.com.
Information in respect of the receivership is available at
www.pwc.com/brs-hemosol

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