HAE:TSX Haemacure Completes US$2.5 Million Bridge Financing from Angiotech
MONTREAL, June 3 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX:HAE), a Montreal-based specialty bio-therapeutics company, announces that Haemacure and Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI, TSX:ANP) have today closed a senior secured bridge loan from Angiotech to Haemacure in a minimum amount of US$2.5 million. The loan was described in detail in Haemacure's press release of May 22, 2009. In addition, Haemacure and Angiotech have executed definitive agreements for a strategic collaboration which will provide Angiotech with certain license, distribution and supply rights related to Haemacure's all-human fibrin sealant and thrombin products, both of which are currently in development.
"We believe this bridge financing and strategic collaboration with Angiotech provides an important validation of our company and its products. This will also position us for a larger, subsequent capital raise in order to complete the development and launch of 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.
The strategic collaboration consists of the following three agreements: - Fibrin Sealant Distribution Agreement. Haemacure and Angiotech have entered into a distribution agreement under which Angiotech has been granted non-exclusive, world-wide distribution rights to Haemacure's hemostasis formulation of its proprietary fibrin sealant product in selected surgical indications. The distribution agreement has a term of ten years from the date on which Haemacure receives approval for its fibrin sealant from the United States Food and Drug Administration (FDA) or similar regulatory approval in other countries. Angiotech has an option to renew the agreement for an additional five years, subject to certain performance adjustments. - Drug-Loaded Fibrin Sealant License and Development Agreement. Haemacure and Angiotech have entered into a license and development agreement under which they have agreed to jointly develop and commercialize a next-generation, drug-loaded fibrin sealant product candidate. Angiotech and Haemacure will collaborate to create novel fibrin sealant technologies that, in addition to fibrin sealant's inherent hemostatic properties, may target the prevention of infection, reduce pain, or deliver stem cells using Haemacure's fibrin sealant as a carrier of such therapies. Haemacure and Angiotech will conduct research, with each contributing key personnel, technology and intellectual property. Collaboration costs and eventual profits will be shared on a pro rata basis, based on each company's contribution to collaboration costs. This term of the agreement will expire on a collaboration product-by- collaboration product basis upon the later of 15 years after the first commercial sale of such collaboration product, and the last-to-expire valid patent claim applicable to such collaboration product. - Thrombin License and Supply Agreement. Haemacure and Angiotech have entered into an exclusive license and supply agreement under which Haemacure will supply its proprietary human thrombin to Angiotech for the development of a certain Angiotech preclinical product candidate. The agreement has a term of ten years from the first commercial sale of an approved Angiotech product containing thrombin procured from Haemacure. Angiotech has an option to renew the agreement for an additional five years.
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.
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.
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|
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