Hemosol Announces Share Consolidation

June 8, 2005

Hemosol announced that it has filed articles of amendment for the consolidation of the company's common shares on the basis of one post-consolidation share for four pre-consolidation shares. The share consolidation was approved by shareholders at Hemosol's Annual and Special Meeting held earlier. This consolidation is being undertaken to bring the company into compliance with the minimum bid requirements of NASDAQ. Hemosol believes that retaining its NASDAQ listing is of strategic importance, given the company's large U.S. shareholder base as well as the importance of maintaining ready access to the U.S. capital markets.

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