HepaLife Technologies, Inc. is a development stage biotechnology company. The Company is focused on the development of HepaMate, a cell-based bioartificial liver system, as a potential treatment for liver failure patients. HepaMate has been tested in a clinical Phase I study and was previously known as HepatAssist. As an extracorporeal cell-based bioartificial liver system, HepaMate is designed to combine blood detoxification with liver cell therapy to provide whole liver function in patients with severe forms of liver failure. The Company’s subsidiaries include Phoenix BioSystems, Inc., HepaLife Technologies Ltd. and HepaLife Biosystems, Inc. On October 3, 2008, the Company acquired HepaAssist technology and related assets from Arbios Systems, Inc. (Arbios). During the year ended December 31, 2008, the Company had not generated revenues.