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.
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.
Cash, cash equivalents and temporary investments amounted to $3.6 million as of April 30, 2008, as compared to $7.6 million as at October 31, 2007.
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 hemostats. Haemacure's lead product candidate, Hemaseel(R)HMN, is a fibrin sealant to enter pivotal Phase II/Phase III clinical trials during the first quarter of 2009. Haemacure's second product candidate is thrombin, a component of its fibrin sealant, now in preclinical stage. Follow-on development will focus on surgical hemostats, wound healing, adhesion prevention, regenerative medecine, drug delivery and combination with biomaterials. Haemacure has discovered 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 operates offices in Sarasota, Florida through a wholly-owned subsidiary. The Corporation is traded under stock symbol HAE on the TSX.
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.
April 30, 2008 April 30, 2007
Sales $28,368 $24,757
Gross profit $15,825 $11,725
Gross margin 56% 47%
General and administrative expenses $1,327,551 $1,177,120
Research and development expenses $668,452 $205,224
Other expenses $468,824 -
Total expenses $2,520,807 $1,313,800
Net loss $(2,504,982) $(1,302,075)
Loss per share $(0.02) $(0.01)
Weighted average number of shares
outstanding 163,800,917 163,800,917
As at As at
April 30, 2008 October 31, 2007
Cash and cash equivalents $919,364 $3,591,883
Temporary investment $2,657,716 $4,011,200
Total assets $9,582,260 $10,939,289
Shareholders' equity $5,984,485 $9,226,329
|SOURCE HAEMACURE CORPORATION|
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