Hemosol Reduces Loss At Nine Months

Hemosol of Canada has reduced its net loss for the first nine months from C$8 million ($5.8 million) in 1994 to C$5.8 million in 1995. The reduction is due to the net effect on operations of the agreement concluded with Fresenius AG of Germany to develop, produce and market Hemosol's first human blood substitute product, Hemolink, in Europe, the former Soviet Union, the Middle East and Africa.

There were revenues of C$3.5 million in the first nine months of 1995, reflecting payment from Fresenius relating to R&D activities, and the loss per share declined from C$0.72 in 1994 to C$0.53 in 1995.

Phase I trials of Hemolink have been completed, and the firm expects to start Phase II trials early next year.