ANNUAL REPORT 2002
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This report contains forward-looking statements concerning, among other things, possible applications for
marketing approval and other regulatory matters, clinical trials, plans for the development of Hemopure and
business strategies. These forward-looking statements are identified by the use of such terms as "intends,"
"expects," "plans," "estimates," "anticipates," "should" and "believes."
These forward-looking statements involve risks and uncertainties. Actual results may differ materially
from those predicted by the forward-looking statements because of various factors and possible events.
Company risks include lack of FDA or any other regulatory approval for our human product in a major
market, the difficulty and uncertainty in obtaining regulatory approvals, uncertainty about future physician and
market acceptance of our product, our limited manufacturing capacity and capital resources and our lack of
commercial experience as a pharmaceutical company. In addition, we are subject to industry risks such as: our
industry is highly regulated, keenly competitive and subject to uncertainty of pricing because of controls on
health care spending and uncertainty of third-party reimbursement.
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