Navigation Links
Haemacure Reports First Quarter 2009 Results and Hires Advisor for the Sale or Merger of the Company
Date:3/12/2009

HAE:TSX

MONTREAL, March 12 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE) released today the results of its first quarter ended January 31, 2009.

Results

Revenues amounted to $19,226, as compared to $24,674 for the same quarter last year. Revenues were exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $2.7 million, up from $1.2 million for the same quarter last year. The increase was mainly related to the purchase of supplies and materials associated with the validation of the Company's manufacturing facility, and the pivotal phase II/III clinical trials of its lead product candidate (which had been planned to start by mid-2009), as well as the hiring of personnel and legal and consulting fees. The consolidated net loss for the quarter amounted to $2.6 million, or $0.01 per share, as compared to $1.2 million, or $0.01 per share, for the same quarter last year.

Financial Position

Cash, cash equivalents and temporary investments amounted to $1.4 million as of January 31, 2009, as compared to $4.6 million as at October 31, 2008.

On February 13, 2009, Haemacure, having failed to obtain adequate financing to maintain the level of its operations, implemented major cost cutting measures intended to provide the Company with a window of approximately 90 days in which to either arrange a bridge loan, obtain new financing, or sell or merge the Company. The Company has since retained PricewaterhouseCoopers Corporate Finance, Inc. to assist with the sale or merger of the Company.

"We have taken the necessary steps to lengthen our runway in these unprecedented financial and economic times. While these measures are difficult for all involved we have had tremendous support from our directors, employees, suppliers and business partners. I am encouraged by the number of industry members that have come forward and demonstrated an interest in exploring some form of relationship that could lead to a sale, merger or financing", said Joseph Galli Chairman & CEO of Haemacure.

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 in pivotal clinical trial stage. Haemacure's second product candidate is thrombin, a component of its fibrin sealant, now in preclinical stage. Follow-on development is focussed on the use of fibrin sealant in adhesion prevention, aesthetics, 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 offices in Sarasota, Florida through a wholly-owned subsidiary. 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 results of clinical trials, 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.

Complete financial statements for the quarter ended January 31, 2009 are available on Haemacure's web site, www.haemacure.com, and have been filed on Sedar.

    Financial Highlights
    (unaudited)
                                                   Quarters ended

                                         January 31, 2009   January 31, 2008
                                         -----------------  -----------------

    Sales                                         $19,226            $24,674
    General and administrative expenses        $1,102,001           $845,371
    Research and development expenses          $1,423,799           $403,707
    Total expenses                             $2,657,663         $1,221,659
    Net loss                                  $(2,647,900)       $(1,208,357)
    Loss per share                                 $(0.01)            $(0.01)
    Weighted average number of shares
     outstanding                              206,268,490        163,800,917


                                                    As at              As at
                                         January 31, 2009   October 31, 2008
                                         -----------------  -----------------

    Cash and cash equivalents                    $374,290         $1,205,500
    Investments                                $1,059,840         $3,398,496
    Total assets                              $11,188,185        $13,033,252
    Shareholders' equity                       $6,235,863         $8,818,586

'/>"/>
SOURCE HAEMACURE CORPORATION
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Haemacure Restructures - Seeks Financing or Sale of the Company
2. Haemacure to Present at the 11th Annual BIO CEO & Investor Conference
3. Haemacure Announces Fiscal 2008 Results
4. Haemacures Human Fibrin Sealant Demonstrates Effectiveness in Skin Graft Fixation Proof-of-Concept Study for Burn Injury
5. Haemacure Confirms Operation Qualification of Production Equipment and Pursues Milestone Payment from CSL
6. Haemacure to Present at the Rodman & Renshaw Annual Global Investor Conference
7. Haemacure Appoints Thomas J. Lynch, J.D., Ph.D. to Board of Directors
8. Adhesion Prevention New Major Market Opportunity, Haemacure Confirms Effectiveness of its Fibrin Sealant in Second Preclinical Study in Adhesion Prevention in a Bleeding Model
9. Haemacure Raises $7.8 Million and is Fully Funded Beyond First-Patient-In-Clinic
10. Haemacure to Present at the BioInternational Convention - The Global Event for Biotechnology - at the San Diego Convention Centre, California, from June 17 - 20, 2008
11. Haemacure Achieves Major Milestone - Starts Processing Plasma in Its New Fractionation Facility
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/3/2016)... Indianapolis, Ind. (PRWEB) , ... May 03, 2016 ... ... today that it has been selected by Tidelands Health, a three hospital system ... need to be constantly on the lookout for technology that enhances communication, drives ...
(Date:5/3/2016)... ... , ... Nationally recognized personal injury law firm Monge & Associates is honoring Moms ... who wants one for their Mother or any other mother figure. , According to law ... Monge goes on to say, “we are choosing to do this by giving free ...
(Date:5/3/2016)... ... 2016 , ... Ogawa World USA introduced the first of its kind ... Smart Application. The Smart 3D combines the best in technological advancement, design, and massage ... and specialized massage program, each user has a tailored experience unparalleled by any other ...
(Date:5/3/2016)... ... May 03, 2016 , ... ... Canada’s top Information and Communication Technology (ICT) companies in the annual Branham300 listing. ... companies operating in Canada, as ranked by revenue. , “We are honored ...
(Date:5/3/2016)... ... May 03, 2016 , ... Huntington Beach orthopedic ... of surgical procedure that can be used to diagnose and treat joint problems. During ... inserted. These instruments include a special lighting system and lens that illuminate and magnify ...
Breaking Medicine News(10 mins):
(Date:5/2/2016)... , May 2, 2016 Kalorama Information ... (Electronic Medical Records) market in a recent white paper.  ... switches, Increased physician usage, a growing market are among ... noted in Kalorama,s report EMR 2016: The ... marks Kalorama,s seventh complete study of the EMR industry, ...
(Date:5/2/2016)...  Celsion Corporation (NASDAQ: CLSN ), an ... the first cohort of patients in its Phase ... combining GEN-1, the Company,s DNA-based immunotherapy, with the ... patients with advanced ovarian cancer who will undergo ... the first three patients dosed, GEN-1 plus standard ...
(Date:4/29/2016)... New Jersey , April 29, 2016 /PRNewswire/ ... Software Suite for Life Sciences, Product Development Capabilities ... Global Life Science Customer Base . ... solutions provider, today announced the acquisition of Skura ... a global leader in adaptive sales enablement technology ...
Breaking Medicine Technology: