updated 11/1/2010 10:45:41 AM ET 2010-11-01T14:45:41

NEW YORK, Nov. 1, 2010 (GLOBE NEWSWIRE) -- HepaLife Technologies, Inc. (OTCBB:HPLF) (Frankfurt:HL1) ("HepaLife"), an advanced biomedical products company focused on the development and manufacturing of proprietary drug delivery and liver health technologies, today announces the formation of a new wholly owned subsidiary, Alliqua BioMedical, Inc. ("Alliqua").

Alliqua intends to develop, manufacture and market its own proprietary products, utilizing HepaLife's existing technology portfolio. It further intends to pursue projects in the fields of active ingredient and transdermal drug delivery, as well as advanced wound care. 

In connection with the formation of Alliqua, HepaLife appointed Matt Harriton as Alliqua's CEO. Mr. Harriton brings over 23 years of experience across a range of industries and applicable fields, including SEC compliance, FDA compliance and intellectual property rights.

"The launch of Alliqua marks a significant milestone for HepaLife and its shareholders," said Matt Harriton, CEO of Alliqua. "Leveraging HepaLife's proprietary technology and proven expertise, Alliqua represents the expansion of HepaLife's business into the mutli-billion dollar drug delivery and advanced wound care markets."

In conjunction with the formation of Alliqua, HepaLife reiterates its major milestones over the past year:

  • Through the acquisition of AquaMed Technologies, Inc. and its hydrogel technology platform in May 2010, HepaLife has expanded its business focus to include the multi-billion dollar fields of transdermal drug and actives delivery, with added applications in wound care, medical diagnostics, consumer health and cosmetics.
  • HepaLife's private placement in May 2010 has helped secure its financial position and provides it with a greater ability to execute its strategic initiatives.

"We are pleased to announce the formation of Alliqua, as we believe it will drive HepaLife's existing and developmental product pipeline going forward," said Richard Rosenblum, President of HepaLife. "As we proactively penetrate the expanding drug delivery and wound care industries, we remain highly committed to growing our revenue, earnings and, ultimately, shareholder value."

HepaLife's modern 16,500 square foot cGMP compliant facility in Langhorne, Pennsylvania, is crucial in helping Alliqua meet its strategic growth objectives and provides a significant barrier to entry for other manufacturers. The facility, which is operated by another HepaLife subsidiary, AquaMed Technologies, Inc., manufactures a highly specialized aqueous hydrogel designed for various healthcare sectors, including: wound care, medical diagnostics, drug delivery, cosmetics and patient management. AquaMed is one of only two known manufacturers of this type of gel in the world and its manufacturing facility is FDA registered.

About HepaLife Technologies, Inc.

HepaLife Technologies, Inc. (OTCBB:HPLF) (Frankfurt:HL1) is an advanced biomedical products company focused on the development and manufacturing of proprietary technologies in the fields of drug delivery, advanced wound care and liver health preservation. Through its recently formed subsidiary, Alliqua BioMedical, Inc., HepaLife intends to develop active ingredient and transdermal drug delivery products, primarily utilizing the proprietary hydrogel technology platform manufactured by HepaLife's AquaMed Technologies, Inc. subsidiary.

AquaMed Technologies, Inc. ("AquaMed"), another wholly-owned subsidiary of HepaLife, manufactures custom hydrogels used for transdermal drug delivery, wound care, medical diagnostics, and cosmetics. These products use proprietary manufacturing technologies which enable AquaMed to produce what is known in the healthcare industry as high water content, electron beam cross-linked aqueous polymer sheet hydrogels.

HepaLife Technologies, Inc. is also the developer of HepaMate™, an extracorporeal cell-based bioartificial liver system designed to combine blood detoxification with liver cell therapy to provide whole liver function in patients with the most severe forms of liver failure. HepaMate™ is comprised of a blood plasma separation cartridge, a hollow-fiber bioreactor filled with proprietary porcine liver cells, a charcoal column, an oxygenator, circuit tubing and a plasma reservoir. These components are assembled into a patented blood/plasma circulation system, which is placed on the HepaDrive™ perfusion platform.

Any statements contained in this press release regarding our ongoing research and development and the results attained by us to-date have not been evaluated by the Food and Drug Administration.

For additional information, please visit www.hepalife.com , and www.aquamedinc.com

To receive future press releases via email, please visit: http://www.hepalife.com/investor_alerts.php

To view the full HTML text of this release, please visit: http://www.hepalife.com/press_releases/20101101-1.html.php

Legal Notice Regarding Forward-Looking Statements

No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of our products, technical problems with our research and products, price increases for supplies and components, litigation and administrative proceedings , the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of our operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in our equity, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. We currently have no commercial products intended to diagnose, treat, prevent or cure any disease. The statements contained in this press release regarding our ongoing research and development and the results attained by us to-date have not been evaluated by the Food and Drug Administration. There can be no assurance that further research and development, and /or whether clinical trial results, if any, will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that we will be able to develop new products on the basis of our technologies. In addition, other factors that could cause actual results to differ materially are discussed in our most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission along with our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 17, 2010. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. We undertake no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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