Navigation Links
Haemacure Reports Third Quarter 2007 Results
Date:8/31/2007

MONTREAL, Aug. 31 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE) released today the results of its third quarter ended July 31, 2007.

Results

Revenues amounted to $31,674, as compared to $31,409 for the same quarter last year. Revenues are exclusively derived from the sale of our fibrin sealant application devices. Operating expenses amounted to $869,822, as compared to $741,205 for the same quarter last year. The increase is mainly attributable to stock-based compensation resulting from option grants and increased business development and investor relations activities. The consolidated net loss for the quarter amounted to $856,879, or $0.01 per share, as compared to $724,163, or $0.02 per share, for the same quarter last year.

"We continue to accomplish the turnaround of the company to make it an independent player with next generation, high-value products", said Mr. Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "We are implementing a strategy to hasten the initiation of the Phase III clinical trials for our lead product candidate, the Hemaseel(R)HMN fibrin sealant We are also assessing alliances with strategic partners that may result in much wider fields of use for our fibrin sealant. To that end, we will soon deliver to these potential partners small volumes of our fibrin sealant for evaluation", concluded Mr. Galli.

Financial Position

Cash and cash equivalents and temporary investments stood at $8.3 million as of July 31, 2007, as compared to $519,300 as at October 31, 2006.

Other

Pursuant to an agreement entered into in 2002, CSL Behring AG ("CSL") is obligated to pay to Haemacure the sum of US$4.5 million upon Haemacure achieving certain milestones related to its Hemaseel project. On August 20, 2007, CSL advised Haemacure of its opinion that it is no longer obliged to pay this sum. Haemacure disputes the position of CSL and will aggressively defend its right to the future payment of this sum. This has no impact on Haemacure's current financial situation.

About Haemacure

Haemacure Corporation is a specialty bio-therapeutics company developing high-value human therapeutic proteins for commercialization. Haemacure's research and development effort is driven by its proprietary plasma protein extraction technology to develop next-generation products, including surgical hemostats.

Haemacure's lead product candidate, Hemaseel(R)HMN, is a human-derived fibrin sealant in late-stage clinical development. Haemacure's second product candidate is human thrombin, a component of its fibrin sealant. Both candidates have applications in the expanding bio-surgical market. Follow-on development will focus on surgical hemostats, bio-material combinations and drug delivery in select therapeutic areas. Haemacure has recently discovered additional specialty proteins in its plasma-derived intermediates and will advance these specialty proteins through partnerships with pharmaceutical and biotechnology companies.

Forward-looking Statements

Certain of the statements contained in this news release may be 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 include, but are not limited to the following: the impact of general economic conditions, general conditions in the biotech industry, results and outcomes of Haemacure's clinical trials, changes in the regulatory environment in the jurisdictions in which Haemacure Corporation 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 Corporation disclaims any intention or obligation to update these statements.

Complete financial statements for the quarter ended July 31, 2007 are available on Haemacure's web site, http://www.haemacure.com, and have been filed on Sedar.

Financial Highlights

(unaudited)

Quarters ended

July 31, July 31,

2007 2006

------------ ------------

Sales $ 31,674 $ 31,409

Gross profit $ 12,943 $ 17,042

Gross margin 41% 54%

Selling and marketing expenses - $ 13,105

General and administrative expenses $ 734,286 $ 522,444

Total expenses $ 869,822 $ 741,205

Net loss $ (856,879) $ (724,163)

Loss per share $ (0.01) $ (0.02)

Weighted average number of shares

outstanding 163,800,917 38,800,917

As at As at

July 31, October 31,

2007 2006

------------ ------------

Cash and cash equivalents $ 4,292,487 $ 78,300

Temporary investment $ 4,007,200 $ 441,000

Total assets $11,726,205 $ 2,696,198

Shareholders' equity $10,138,094 $ 981,381


'/>"/>
SOURCE HAEMACURE CORPORATION
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Autopsy reports could be valuable and informative
2. China reports declining number of SARS Cases
3. Russia Reports First SARS Case
4. Research reports that c-section deliveries are rising
5. Jharkhand reports 13,000 Malaria cases
6. Uganda Reports Failure To Contain Sleeping Sickness
7. WHO reports 36 million deaths world wide due to chronic diseases
8. Reports of Hantavirus infection in India raise concerns
9. Controversy Surrounding The HIV Positive Reports Of One-Year Girl In Kerala
10. China Reports Yet Another Bird Flu Case
11. China reports seventh bird flu victim
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... ... February 24, 2017 , ... Castle Farms, the celebrated ... Giveaway, with the winning couple announced on Feb. 14, 2017, on Facebook. The ... local vendors: A Matter of Taste, Ryan Rousseau Enterprises, A Touch of Spring ...
(Date:2/23/2017)... ... February 23, 2017 , ... On February ... a letter to withdraw previous guidance issued by the Obama Administration ... guidance issued in May 2016 by the Obama Administration came in response to ...
(Date:2/23/2017)... ... February 23, 2017 , ... The Lymphoma Research Foundation (LRF) ... and serving the lymphoma community through a comprehensive series of education programs, outreach ... in Miami Beach to host its Swirl: Miami Wine Tasting Event on March ...
(Date:2/23/2017)... ... February 23, 2017 , ... The American Cleft Palate-Craniofacial ... 74th Annual Meeting. KLS is a longtime supporter of the event. , "We ... and Platinum Sponsor," said Dr. Bob Havlik, 2017 ACPA President. "KLS Martin has a ...
(Date:2/23/2017)... ... ... Hamlin Dental Group and Dr. Hamid Reza, dentist in North Hollywood ... of February, patients who visit Hamlin Dental Group will receive a ticket for a ... the Cheesecake Factory. , Tickets are available for routine dental visits and other ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... Research and Markets has announced the addition of the "Global ... report to their offering. ... The Global Endoscopy Market is poised to grow at ... approximately $47.6 billion by 2025. This industry report ... on global as well as regional levels presented in the research ...
(Date:2/23/2017)... , February 23, 2017 ... on the global market for intraoperative imaging, excerpts ... valued at US$ 513.9 million. According to the ... surging on the grounds of increasing adoption of ... field of diagnostic imaging for neurosurgeries. The world,s ...
(Date:2/23/2017)... 23, 2017 On Wednesday, February 22, ... four out of nine sectors finished the trading sessions in ... flat closing. Major US indices were also mixed at the ... at 5,860.63, slightly down by 0.09%; the Dow Jones Industrial ... S&P 500 closed at 2,362.82, down 0.11%. This Thursday morning, ...
Breaking Medicine Technology: