Navigation Links
Haemacure Signs Term Sheet for Proposed Collaboration and Bridge Financing
Date:5/4/2009

HAE:TSX

MONTREAL, May 4 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX:HAE), a Montreal-based specialty bio-therapeutics company, announces that it has entered into a term sheet with Angiotech Pharmaceuticals, Inc. of Vancouver (NASDAQ: ANPI, TSX:ANP) for a senior secured bridge loan from Angiotech in the amount of US$2.5 million. Haemacure expects that the bridge loan will enable it to operate for a period of approximately ten to twelve months from the date of the closing of the loan. The bridge loan will be convertible into Haemacure securities in certain circumstances.

"This is great news for Haemacure. We look forward to closing this bridge financing and collaborating with Angiotech" said Joseph Galli, Chairman and CEO of Haemacure.

The term sheet provides that the closing of the bridge loan is expected to take place by May 31, 2009. Completion of the transaction is conditional on standard closing conditions, including negotiation and execution of loan and security documentation and related collaboration agreements between Haemacure and Angiotech. Haemacure can give no assurance that the various closing conditions will be satisfied or that the transaction will close. In connection with the bridge loan, Angiotech has advanced US$200,000 to Haemacure.

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 proprietary, lead product candidate is a fibrin sealant in late-stage clinical trials. Haemacure's proprietary, second product candidate is thrombin, a component of its fibrin sealant, now in preclinical stage. Follow-on development will focus on the use of fibrin sealant in aesthetics, adhesion prevention, combination with biomaterials, drug delivery, regenerative medecine, skin graft fixation for burn injuries, and wound healing.

About Angiotech

Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with over 1,500 dedicated employees. Angiotech discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury. To find out more about Angiotech (NASDAQ: ANPI, TSX:ANP), please visit its website at www.angiotech.com.

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 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.


'/>"/>
SOURCE Haemacure Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Haemacure Reports First Quarter 2009 Results and Hires Advisor for the Sale or Merger of the Company
2. Haemacure Restructures - Seeks Financing or Sale of the Company
3. Haemacure to Present at the 11th Annual BIO CEO & Investor Conference
4. Haemacure Announces Fiscal 2008 Results
5. Haemacures Human Fibrin Sealant Demonstrates Effectiveness in Skin Graft Fixation Proof-of-Concept Study for Burn Injury
6. Haemacure Confirms Operation Qualification of Production Equipment and Pursues Milestone Payment from CSL
7. Haemacure to Present at the Rodman & Renshaw Annual Global Investor Conference
8. Haemacure Appoints Thomas J. Lynch, J.D., Ph.D. to Board of Directors
9. Adhesion Prevention New Major Market Opportunity, Haemacure Confirms Effectiveness of its Fibrin Sealant in Second Preclinical Study in Adhesion Prevention in a Bleeding Model
10. Haemacure Raises $7.8 Million and is Fully Funded Beyond First-Patient-In-Clinic
11. Haemacure to Present at the BioInternational Convention - The Global Event for Biotechnology - at the San Diego Convention Centre, California, from June 17 - 20, 2008
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... 2016 , ... TherapySites, the leading website and ... Tennessee Counseling Association. This new relationship allows TherapySites to continue to extend ... exclusive benefits and promotional offers. , "TCA is extremely excited about this new ...
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, ... Festival and World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility ... home to some of the world’s leading providers of cereal and other breakfast foods. ...
(Date:6/25/2016)... , ... June 25, 2016 , ... ... policy issues and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at ... on several important health care topics including advance care planning, healthcare costs and ...
(Date:6/25/2016)... , ... June 25, 2016 , ... As a lifelong ... Cum Laude and his M.D from the David Geffen School of Medicine at UCLA. ... to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Those who have ... these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as ... Michigan, has released tools for healthy coping following a traumatic event. , Trauma sufferers ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Any dentist who has ... of the current process. Many of them do not even ... technical difficulties and high laboratory costs involved. And those who ... it at such a high cost that the majority of ... Dr. Parsa Zadeh , founder of Dental Evolutions ...
(Date:6/23/2016)... INDIANAPOLIS , June 23, 2016 Roche ... received 510(k) clearance for its Elecsys BRAHMS PCT (procalcitonin) ... severe sepsis or septic shock. With this clearance, Roche ... provide a fully integrated solution for sepsis risk assessment ... associated with bacterial infection and PCT levels in blood ...
(Date:6/23/2016)... 23, 2016 Research and Markets has ... 52" report to their offering. ... creates a favourable commercial environment for MedImmune to enter. The ... that will serve to drive considerable growth for effective anti-influenza ... to cap sales considerably, but development is still in its ...
Breaking Medicine Technology: