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.
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.
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. Galli.
Second Quarter Results
Revenues amounted to $18,765, as compared to $28,368 for the same quarter last year. Revenues were exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $1.3 million, down from $2.5 million for the same quarter last year. The decrease was mainly attributable to the absence of stock-based compensation expenses in the second quarter, as compared to the same quarter last year, and to major cost cutting measures implemented in February 2009 to preserve cash. The consolidated net loss for the quarter amounted to $1.2 million, or $0.01 per share, as compared to $2.5 million, or $0.02 per share, for the same quarter last year.
Cash, cash equivalents and investments amounted to $204,069 as of April 30, 2009, as compared to $4.6 million as at October 31, 2008.
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 trials 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.
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 April 30, 2009 are available on Haemacure's web site, www.haemacure.com, and have been filed on Sedar.
Financial Highlights (unaudited) Quarters ended April 30, 2009 April 30, 2008 -------------- -------------- Sales $18,765 $28,368 General and administrative expenses $631,681 $1,327,551 Research and development expenses $581,164 $668,452 Total expenses $1,252,377 $2,520,807 Net loss $(1,242,150) $(2,504,982) Loss per share $(0.01) $(0.02) Weighted average number of shares outstanding 206,316,298 163,800,917 As at As at April 30, October 31, 2009 2008 -------------- -------------- Cash and cash equivalents $120,989 $1,205,500 Investments $83,080 $3,398,496 Total assets $10,189,427 $13,033,252 Shareholders' equity $4,998,695 $8,818,586
|SOURCE HAEMACURE CORPORATION|
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