Navigation Links
Haemacure Reports on Strategic Collaboration with Angiotech Pharmaceuticals, Inc. and Second Quarter 2009 Financial Results


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. 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.

Financial Position

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.

About Haemacure

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.

Forward-looking Statements

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,, and have been filed on Sedar.

    Financial Highlights
                                                      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

Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Haemacure and Angiotech Enter License, Distribution and Supply Agreements for Haemacures All-Human Fibrin Sealant and Thrombin Products
2. Haemacure Update on Proposed Collaboration and Bridge Financing
3. Haemacure Signs Term Sheet for Proposed Collaboration and Bridge Financing
4. Haemacure Reports First Quarter 2009 Results and Hires Advisor for the Sale or Merger of the Company
5. Haemacure Restructures - Seeks Financing or Sale of the Company
6. Haemacure to Present at the 11th Annual BIO CEO & Investor Conference
7. Haemacure Announces Fiscal 2008 Results
8. Haemacures Human Fibrin Sealant Demonstrates Effectiveness in Skin Graft Fixation Proof-of-Concept Study for Burn Injury
9. Haemacure Confirms Operation Qualification of Production Equipment and Pursues Milestone Payment from CSL
10. Haemacure to Present at the Rodman & Renshaw Annual Global Investor Conference
11. Haemacure Appoints Thomas J. Lynch, J.D., Ph.D. to Board of Directors
Post Your Comments:
(Date:11/29/2015)... Ca (PRWEB) , ... November 29, 2015 , ... Khanna ... American Board of Ophthalmology on November 25th 2015. Peer Certification by the ... field of his specialty. Certification in Ophthalmology is first obtained after the completion of ...
(Date:11/29/2015)... ... November 29, 2015 , ... Effective immediately, every single IguanaMed scrub style will ... Friday Target is offering a “Buy One Scrub Set, Get the 2nd Scrub Set ... purchase IguanaMed at a discounted price. , IguanaMed’s mission is to outfit ...
(Date:11/28/2015)... ... ... Trying to relax on a couch can actually be uncomfortable, so an ... due to personal experience with a bad back," he said. , This easy-to-use, versatile ... as increases support. It also makes it easier to eat, do other activities and ...
(Date:11/27/2015)... ... ... According to an article published November 13th on, much ... revolved around the fact that proper dental care, both at-home and in the dental ... periodontal disease (more commonly referred to as gum disease) and diabetes. According to Dr. ...
(Date:11/27/2015)... NC (PRWEB) , ... November 27, 2015 , ... A ... effective ways to treat it. Surviving Mesothelioma has just posted the findings on ... at University Hospital Zurich analyzed the cases of 136 mesothelioma patients who were treated ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... Research and Markets ( ) has announced the ... Type (Dressings, Therapy Devices, Active Wound Care), Application (Surgical ... Geography - Global Forecast to 2020" report to ... --> The purpose of this report is to ... advanced wound care market. It involves deep dive analysis ...
(Date:11/26/2015)... ) has ... Market by Type (Reagents & Kits, Analyzers), ... Diagnostic Labs), Application (Research, Clinical Diagnostics), and ... report to their offering. --> ... the "Radioimmunoassay Market by Type (Reagents ...
(Date:11/25/2015)... 25, 2015  The American Academy of Pediatrics ... and the March of Dimes cheered today,s signature ... Infants Act of 2015 (S.799), which takes ... born exposed to drugs, such as opioids, and ... all three organizations have worked together leading advocacy ...
Breaking Medicine Technology: