HepaLife Technologies Announces Name Change to “Alliqua, Inc.”

New Corporate Name and Branding Reflect Company's Focus on Emerging Solutions in the Fields of Drug Delivery and Advanced Wound Care

NEW YORK--()--HepaLife Technologies, Inc. (OTCBB:HPLF) (FWB:HL1) (“HepaLife”), an advanced biomedical products company focused on the development and manufacturing of proprietary drug delivery and liver health technologies, today announces that the Company has changed its name to “Alliqua, Inc.” effective December 20, 2010.

The name change to Alliqua, Inc. will be reflected in SEC filings and all future corporate communications with the investor community. The name change will have no effect on voting and other rights accompanying the Company’s common stock, and the Company will retain its current ticker symbol until assigned a new one by FINRA.

“In order to more accurately reflect our focus on emerging solutions in the fields of drug delivery and advanced wound care, we have adopted a corporate name change to Alliqua, Inc.,” said Richard Rosenblum, President. “As demonstrated by our recent announcements, such as the 510(k) submission for our silver-based antimicrobial wound care dressing, we are committed to becoming a leading distributer of innovative product solutions in our respective healthcare verticals. With various new products in the pipeline, we look forward to keeping our loyal shareholders and prospective investors apprised of our developments into 2011 and beyond.”

Alliqua’s strategic initiatives have evolved around the concept of utilizing its proprietary and patented technologies to address drug delivery and advanced wound care needs through the use of its AquaMed subsidiary’s proprietary hydrogel platform. Hydrogels are gel-like or colloidal substances made of water and solids that are highly absorbent, and are well suited for wound care and transdermal purposes. Alliqua’s dressings create a moist environment that facilitates healing, naturally produces pain relief at the wound site, and inherently stays in place without bonding to the wound, skin or hair.

About Alliqua Inc.

Alliqua, Inc. (“Alliqua”), formerly HepaLife Technologies, Inc., (OTCBB: HPLF) (FWB: 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 wholly-owned subsidiary, Alliqua BioMedical, Inc. (“Alliqua BioMedical”), Alliqua intends to develop active ingredient and transdermal drug delivery products, primarily utilizing the proprietary hydrogel technology platform manufactured by Alliqua’s AquaMed Technologies, Inc. (“AquaMed”) subsidiary.

AquaMed 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. AquaMed believes that it is one of two known manufacturers in the world for these gels. Alliqua’s third subsidiary, HepaLife Biosystems, Inc. focuses on the development of a cell-based bioartificial liver system, known as HepaMate™.

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.alliqua.com, www.aquamedinc.com and www.hepalife.com

To receive future press releases via email, please visit: http://www.alliqua.com/index.php?page=investor-alerts

Legal Notice Regarding Forward-Looking Statements

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 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, termination of contracts or agreements, technological obsolescence of our products, technical problems with our research and products, price increases for supplies and components, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists 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 Current Report on Form 8-K filed with the SEC on May 17, 2010 and our most recent Form 10-Q and Form 10-K filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise.

Contacts

Alliqua, Inc.
Steven Berger, 646-218-1450

Release Summary

HepaLife Technologies, Inc. (OTCBB: HPLF) (FWB: HL1) (“HepaLife”), today announces that the Company has changed its name to “Alliqua, Inc.” effective December 20, 2010.

Contacts

Alliqua, Inc.
Steven Berger, 646-218-1450