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Haemacure Announces Fiscal 2008 Results


MONTREAL, Jan. 21 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX:HAE), a Montreal-based specialty bio-therapeutics company developing high-value human plasma-derived protein products for commercialization, announces the results of the fiscal year ended October 31, 2008.

    Operational Highlights

    - Building and commissioning of a manufacturing facility
    - Commencement of plasma fractionation for lead product candidate, an
      all-human fibrin sealant
    - Positive pre-clinical results in new potential indications for fibrin
      sealant in adhesion prevention and skin graft fixation
    - Addition of new board members and strengthening of team

    The most significant achievement of fiscal 2008 was the commencement of
plasma fractionation at Haemacure's facility. Also of major significance were
the positive results of preclinical studies conducted on the efficacy of
Haemacure's proprietary all-human fibrin sealant in the prevention of the
formation of post-surgical adhesions and in skin graft fixation for burn
injuries. These preclinical studies are the first step towards the development
of an expanded portfolio of indications for Haemacure's fibrin sealant based
on its existing general hemostasis formulation. The year was also marked by
significant additions to competencies as Haemacure was successful in
recruiting Mr. Reinaldo M. Diaz and Dr. Thomas J. Lynch as new directors, as
well as strengthening the management, operations and scientific teams.
    "2008 was a year of major accomplishments as we started processing plasma
in our facility to meet our clinical trials timeline", said Mr. Joseph Galli,
Chairman and Chief Executive Officer of Haemacure. "I am excited about the
prospects for 2009 as we enter the clinic and continue to execute on our plan
with a view to becoming a global player offering a next generation, all-human
fibrin sealant", concluded Mr. Galli.

    Manufacturing Facility

    Haemacure is processing plasma at its state-of-the-art manufacturing
facility located in Sarasota, Florida in preparation for the pivotal phase
II/III clinical trials for its lead product candidate, a proprietary human
fibrin sealant, which it plans on commencing mid-2009 under its IND currently
open with the US FDA. The commercial launch of the fibrin sealant remains
planned by mid-2011. Haemacure's facility is the only U.S.-based fibrin
sealant manufacturing facility for the U.S. market, which is of significant
strategic value.

    Financial Results

    Haemacure recorded revenues of $96,571 in fiscal 2008, as compared to
$119,704 the prior year. Revenues consisted exclusively of legacy devices
sales. Operating expenses totalled $8.9 million, up from $4.0 million the
prior year. The increase is mainly attributable to the construction and
validation of the manufacturing facility, hiring of personnel and consulting
and professional services. Haemacure incurred a consolidated net loss of $8.8
million in fiscal 2008, or $0.05 per share, up from a net loss of $4.0
million, or $0.03 per share, the prior year.
    Haemacure is financing its current activities with the proceeds of the
$7.8 million generated through the exercise in June 2008 of warrants issued as
part of the private placement it completed in January 2007, and will require
additional financing in the near term to support its operations.
    Complete financial statements for the fiscal year ended October 31, 2008
are available on Haemacure's web site, and have been filed

    About Haemacure

    Haemacure Corporation is a specialty biotherapeutics company developing
high-value human plasma-derived protein products for commercialization.
Haemacure's research and development effort is driven by its proprietary
plasma protein extraction technology to develop next-generation products,
including surgical haemostats. Haemacure's lead product candidate,
Hemaseel(R)HMN, is a fibrin sealant to enter pivotal Phase II/Phase III
clinical trials during the first half of calendar 2009. Haemacure's second
product candidate is thrombin, a component of its fibrin sealant, now in
preclinical stage. Follow-on development will focus on the use of fibrin
sealant in aesthetics, adhesion prevention, combination with biomaterials,
drug delivery, regenerative medecine, skin graft fixation for burn injuries,
and wound healing. Haemacure has identified eleven additional specialty
proteins and enzymes in one if its two plasma fractions and seeks to advance
these proteins and enzymes through partnerships with pharmaceutical and
biotechnology companies. Haemacure is headquartered in Montreal, Canada and
operates a wholly-owned subsidiary in Sarasota, Florida. The Corporation is
traded under stock symbol HAE on the TSX.

    Forward-looking Statements

    Certain of the statements contained in this news release are
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown. Some examples of known risks are: the impact
of general economic conditions, general conditions in the biotech industry,
changes in the regulatory environment in the jurisdictions in which Haemacure
does business, stock market volatility, fluctuations in costs, and changes to
the competitive environment due to consolidation or otherwise. Consequently,
actual future results may differ materially from the anticipated results
expressed in the forward-looking statements. Haemacure disclaims any intention
or obligation to update these statements.

    Financial Highlights

    Fiscal Years ended October 31
    (in Canadian dollars)

                                                           2008         2007
                                                          ------       ------
                                                              $            $
    Sales                                                96,571      119,704
    Cost of sales                                        43,574       66,820
    Expenses                                          8,878,727    4,018,552
    Net loss                                         (8,825,730)  (3,965,668)
    Loss per common share                                 (0.05)       (0.03)
    Weighted average number of outstanding
     common shares                                  180,160,531  140,300,698

                                                          As at        As at
                                                     October 31,  October 31,
                                                           2008         2007
                                                    ------------ ------------
                                                              $            $
    Cash and cash equivalents                         1,205,500    3,591,883
    Investments                                       3,398,496    4,011,200
    Other receivables                                    91,964       47,905
    Total assets                                     13,033,252   10,939,289
    Shareholders' equity                              8,818,586    9,226,329

SOURCE Haemacure Corporation
Copyright©2009 PR Newswire.
All rights reserved

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