Court Grants Hemosol Further Stay Extension

    TORONTO, Aug. 2 /CNW/ - PricewaterhouseCoopers Inc. in its capacity as
interim receiver of the assets, property and undertaking of 1608557 Ontario
Inc. (formerly, Hemosol Corp.) ("1608557") and its affiliate Hemosol LP ("LP",
and together with 1608557, "Hemosol") today announced that on Thursday, July
26, 2007 the Ontario Superior Court of Justice granted a further extension of
the stay of proceedings against Hemosol. The current Companies' Creditors
Arrangement Act stay of proceedings will now expire on October 31, 2007. The
further extension is required in order to determine stakeholder interest in a
transaction for the acquisition of the Hemosol corporate shell.

    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
Information in respect of the receivership is available at

Organization Profile

1608557 ONTARIO INC.

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