Haemacure Update on Proposed Collaboration and Bridge...( HAE:TSX - Loan of US$2.5 Milli...),Health

HAE:TSX

- Loan of US$2.5 Million Expected to Close by June 1, 2009

MONTREAL, May 22 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX:HAE), a Montreal-based specialty bio-therapeutics company, announces that it and Angiotech Pharmaceuticals, Inc. of Vancouver (NASDAQ: ANPI, TSX:ANP) are preparing definitive documentation for a previously-announced senior secured bridge loan from Angiotech to Haemacure in the amount of US$2.5 million. Haemacure and Angiotech expect that the closing of the bridge loan will take place on or about June 1, 2009.

The definitive loan agreement will provide that Angiotech will lend US$2.3 million to Haemacure in multiple draw-downs, in addition to US$200,000 advanced by Angiotech on May 1, 2009 upon the signing of a term sheet. Angiotech may, at its sole discretion, advance during a period of two years from the closing date 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.

The loan will be senior to all of Haemacure's existing and future indebtedness, subject to certain exceptions; bear interest at an annual rate of 10%, compounded quarterly; and have a term of two years. Haemacure estimates that the loan of US$2.5 million will allow it to continue operations until the end of 2009.

In the event of the closing of an equity financing by Haemacure in an amount of at least US$13.5 million, Angiotech will convert the entire principal amount of the loan and all accrued interest thereon into the same type of security as that issued by Haemacure in the equity financing, at a conversion price equal to the issue price of the equity financing less a discount of 15%, subject to the condition that Angiotech not be required to consolidate Haemacure's results in its financial statements as a consequence of such conversion.
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