Haemacure Reports on Financing Progress and Second Quart...( HAE...),Health

HAE:TSX

MONTREAL, June 2 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE), a Montreal-based specialty bio-therapeutics company developing high-value human plasma-derived protein products for commercialization, provides financing update and reports on second quarter results.

Financing

As a result of the commitments Haemacure has received to-date from key shareholders to exercise their Series B warrants, the Corporation is well positioned to meet its objective of commencing the fibrin sealant pivotal Phase II/Phase III clinical trials. The Corporation remains on schedule and on budget with the construction of its manufacturing facility.

"We are very appreciative and encouraged by the strong support we have received from our major shareholders, Firebird Management and Pinetree Capital, as demonstrated through the exercise of their Series B warrants." said Joseph Galli, Chairman and CEO of Haemacure. "This support, coupled with the recent addition of Reinaldo Diaz to our Board of Directors and the hiring of senior managers at our facility, are elements of our value creation strategy that will make Haemacure a significant player on the global scale." concluded Mr. Galli.

Second Quarter Results

Revenues amounted to $28,368, as compared to $24,757 for the same quarter last year. Revenues are exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $2.5 million, as compared to $1.3 million for the same quarter last year. The increase is mainly related to the hiring of personnel, consulting expenses, supplies for the laboratory and the manufacturing facility and unusual charges. The consolidated net loss for the quarter amounted to $2.5 million, or $0.02 per share, as compared to $1.3 million, or $0.01 per share, for the same quarter last year.

Financial Position

Cash, cash equivalents and temporary investments amounted
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