Haemacure financing receives shareholder consent - Series B Warrants a...( HAE...),Health

HAE:TSX

MONTREAL, May 14 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE) announces that it has obtained the consent required from its shareholders to commence implementing a financing strategy designed to get back into the clinic for the pivotal Phase II/Phase III clinical trials for its next generation, all-human fibrin sealant during Q1-2009. The strategy involves the amendment of the terms and conditions of 62.5 million outstanding Series B common share purchase warrants issued by Haemacure by way of private placement in January 2007.

"I am very pleased with the level of support that our shareholders have demonstrated by approving this amendment to the Series B Warrants, thus enabling Haemacure to finance operations with the least dilution possible", said Mr. Joseph Galli, Chairman & CEO of Haemacure. "Participants in our January 2007 private placement indicated their willingness to further finance the Company based on Haemacure achieving certain value creation milestones. Haemacure is on-time and on budget to meeting the three milestones necessary to getting back into the clinic for its next generation fibrin sealant by Q1-2009. These milestones are the commissioning of the manufacturing facility (IQ/OQ) by mid '08, the production of clinical material by Fall '08, and the approval of an amendment to the IND currently open with the FDA (end '08)", continued Mr. Galli. "Concurrent with our getting back into the clinic with our fibrin sealant, we are working on strategic partnership opportunities that will enable Haemacure to rapidly become a significant player on a global scale" concluded Mr. Galli.

Each of the Series B Warrants currently entitles the holder to acquire one additional common share of Haemacure at a price of $0.20 for a period of five years from the date of issuance. As a result of the amendment, if Series B Warrants are exercised during a period of ten business days commencing on
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