NEW YORK, May 17, 2010 — On May 11, 2010, HepaLife Technologies, Inc. a Florida corporation (“HepaLife”), consummated a merger (the “Merger”) whereby HepaLife acquired all of the issued and outstanding common and preferred shares of AquaMed Technologies, Inc., a privately held Delaware corporation (“AquaMed”) in exchange for 84.8 million shares of HPLF common stock. As a result of the Merger, AquaMed became a wholly-owned subsidiary of HepaLife. Palladium Capital Advisors, LLC acted as advisor to HepaLife for the Merger. As a result of the transaction, effective May 11, 2010, Amit S. Dang resigned as President and CEO of HepaLife. Richard Rosenblum assumed the title of President of HepaLife and David Stefansky became its Chairman. Matthew Harriton will serve as CEO of the AquaMed subsidiary. Amit Dang commented, “We believe that the acquisition of AquaMed with its proven delivery platform and experienced management team will enable the company to continue to build shareholder value and advance the commercialization of the HepaMateTM product.”

ABOUT AQUAMED TECHNOLOGIES, INC.
AquaMed develops, manufactures and markets high water content, electron beam cross-linked, aqueous polymer hydrogels used for transdermal drug delivery, wound care, medical diagnostics, and cosmetics. These gels are produced using unique proprietary manufacturing technologies which enable AquaMed to develop, manufacture and market electron beam cross-linked aqueous polymer sheet hydrogels. AquaMed is believed to be one of two known manufacturers in the world of these gels. AquaMed specializes in custom hydrogels capitalizing on proprietary manufacturing technologies.

ABOUT HEPALIFE TECHNOLOGIES, INC.
HepaLife Technologies, Inc. is the developer of HepaMate(TM), 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(TM) 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(TM) perfusion platform. There are currently no cell-based liver support systems commercially available or in Phase III clinical trials in the US or Europe. The HepaMate(TM) technology is believed by HepaLife to be one of the most clinically studied bioartificial liver in the world, tested in clinical studies involving more than 200 patients with over 50 scientific papers and book chapters published on the technology. 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.