NEW YORK, May 17, 2010 (GLOBE NEWSWIRE) — On May 11, 2010, HepaLife Technologies, Inc., a Florida corporation (“HepaLife”), consummated private placements on May 11, 2010 of 9,400,000 units of its securities and on May 14, 2010 of 2,000,000 units of its securities at a price of $0.125 per unit and received aggregate gross proceeds of $1,425,000. Each unit consisted of (i) one (1) share of HepaLife Common Stock, (ii) one half of one five year Series E Stock Purchase Warrant with an exercise price of $0.16 per share, and (iii) one half of one five year Series F Stock Purchase Warrant with an exercise price of $0.20 per share. Palladium Capital Advisors, LLC served as the sole placement agent for the private placements.

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.