Haemacure Reports on Strategic Collaboration with Angiotech Pharmaceuticals, Inc. and Second Quarter 2009 Financi...( HAE:TSX MONTREAL June 11 / Hae...),Health

HAE:TSX

MONTREAL, June 11 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE) released today the results of its second quarter ended April 30, and reports on its recently concluded strategic collaboration with Angiotech Pharmaceuticals, Inc.

Stategic Collaboration

As previously announced on June 3, 2009, Angiotech Pharmaceuticals, Inc. and Haemacure have entered into a strategic collaboration which provides Angiotech with license, distribution and supply rights related to Haemacure's all-human fibrin sealant and thrombin products, both of which are currently in development.

Bridge Financing

Also on June 3, 2009, Angiotech and Haemacure entered into a bridge loan agreement in the minimum amount of US$2.5 million, to be advanced by Angiotech in multiple draw-downs. An amount of US$200,000 was received upon the signing of a term sheet on May 1st, 2009 and an amount of US$1 million was received upon the closing of the transaction. Angiotech may, at its sole discretion, advance up to an additional US$1 million to Haemacure from time to time, in multiple draw-downs, for a total loan of US$3.5 million. Haemacure estimates that the loan of US$2.5 million will allow it to continue operations until the end of calendar 2009.

"We believe this strategic collaboration and bridge financing with Angiotech provide an important validation of our company and its product candidates. This also positions us for a larger, subsequent capital raise in order to complete the development and launch our fibrin sealant and thrombin products on the market, said Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "By collaborating with Angiotech, a company with a successful track record of innovation in drug delivery, we are expanding the number of product candidates that can be developed and leveraging our technology in new markets with significant unmet needs" concluded Mr. Gal
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