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The Toronto Stock Exchange is reviewing Hemosol Inc.'s status and may delist it after the biotech company declared itself insolvent Thursday. "The company is being reviewed on an expedited basis," market operator TSX Group Inc. said in a release. The biopharmaceutical company, which defaulted on its credit facility earlier this week, said late Thursday it has filed a notice of intention to creditors under Canada's Bankruptcy and Insolvency Act. Hemosol said this week it needed additional capital to continue as a going concern. The company had already laid off 50 of its 72 employees in a move to conserve cash. Yesterday, it said it "continues discussions with its secured creditors with respect to its current financial position." HML (TSX) fell 7 cents to 22 cents.

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