Haemacure Signs Term Sheet for Proposed Collaboration and Bridge...( HAE:TSX MONTREAL May 4 / Haema...),Health

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.
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