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Haemacure Update on Proposed Collaboration and Bridge Financing
Date:5/22/2009

In such event, a portion of the loan will be converted into another type of Haemacure security, as agreed to at that time by Angiotech and Haemacure. Angiotech has an option to advance to Haemacure on the day immediately preceding the closing of such equity financing all draw-downs that have not previously been advanced to Haemacure, to the maximum amount of US$2.5 million. In the event of the conversion of the loan into shares, Angiotech will be entitled to one seat on Haemacure's Board of Directors. In the event that there is no such equity financing, the principal amount of the loan and all accrued interest will be payable by Haemacure upon the loan's maturity.

Upon the closing, if any, of the equity financing by Haemacure, it will issue a warrant to Angiotech exercisable for the same type of security as that issued by Haemacure in the equity financing. The warrant will: (i) be exercisable for a number of Haemacure securities arrived at by dividing 100% of the loan amount plus accrued interest by the issue price of the equity financing; (ii) have an exercise price equal to the issue price of the equity financing; and (iii) have a term equal to the term of warrants, if any, issued in the equity financing. In the event that no warrants are issued by Haemacure in the equity financing, the warrant issued to Angiotech will have a term of five years from the date of closing of the equity financing.

Haemacure and Angiotech are also preparing definitive collaboration agreements under which Angiotech will have certain license and distribution rights to Haemacure's fibrin sealant and thrombin. It is expected that the collaboration agreements will be signed on or about June 1, 2009.

Completion of the transaction is conditional on standard closing conditions, including final negotiation and execution of loan and security documentation and the related collaboration agreements. Haemacure can give no assurance that the various closing conditions will be
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SOURCE Haemacure Corporation
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