Hemosol Seeks Path to Profit by Pursuing Contract Manufacturing for Ontario Plant

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). In a year filled with bad news as their lead product was linked to dangerous safety issues, Hemosol Incorporated (NASDAQ: HMSL, TSX: HML) (Mississauga, Ontario) is seeking a way to turn their fortunes around. Several years ago, the company started construction on a state-of-the-art manufacturing and research campus (PEC 53001381) in suburban Toronto. The $90 million Meadowpine project was completed earlier this year and boasted 300,000-unit capacity for producing Hemolink, the company's beleaguered Hemolink and other treatments of acute anemia.

Hemosol is working to resolve the safety issues surrounding HEMOLINK, which was associated with causing a myocardial infarction (MI) imbalance. Meanwhile, the company is actively seeking clients for contract manufacturing of biologics at their Meadowpine facility. This is in response to the continuing trend in demand for contract manufacturing capacity and their own expertise in engineering and quality assurance/control in this sector. The company hopes revenue from the venture not only affords them increased development funding but also to keep the facility. Earlier this year, it appeared the company would be forced to sell the plant and that is a proposition that they are apparently ready to avoid at all costs.

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