Haemacure Announces Fiscal 2006 Results

Montreal, January 22, 2007 – Haemacure Corporation (TSX:HAE) today announced the results of the fiscal year ended October 31, 2006.

Results

Haemacure recorded revenues of $147,134 in fiscal 2006, as compared to $258,153 the prior year. Revenues for the year consisted exclusively of devices sales. This significant decrease in sales revenues results from the discontinuance in November 2003 of all sales and marketing activities associated with the fibrin sealant Hemaseel APR sold under license from Baxter Healthcare S.A.

Operating expenses totalled $3.1 million, up 50% from $2.1 million the prior year. The increase is attributable to increases in general and administrative expenses associated with the Corporation’s efforts to raise the financing required to complete its project and fund operations, and in research and development expenses due to facility costs and consulting fees incurred with respect to regulatory matters.

Haemacure incurred a net loss of $3.0 million in fiscal 2006, or $0.08 per share, up from a net loss of $1.9 million, or $0.05 per share, the prior year.

Hemaseel Project Update

As announced on January 17, 2007, Haemacure was successful in completing a $12.5 million private placement, for net proceeds to Haemacure of approximately $11.6 million.

The net proceeds of the placement will be used primarily to finance the development of the fibrin sealant Hemaseel™HMN, Haemacure’s Phase III product, and the hemostatic agent Hemaseel™Thrombin, including the construction of a manufacturing facility and the completion of clinical trials.

Haemacure is active in arranging for the financing of the acquisition of the manufacturing equipment remaining to be purchased.

In addition to cash and temporary investments on hand amounting to $519,300 as at October 31, 2006 and the net proceeds from the January 2007 private placement of approximately
$11.6 million, we expect to have available for completing the development of our products
US$4.5 million to be received from ZLB Behring AG. Also, Alfa Laval Tumba AB, of Sweden, agreed to supply and finance the purchase of equipment by Haemacure for an amount of US$2 million. The purchase of a modular clean room and other equipment required to complete the facility, estimated at US$6.4 million, is expected to be financed through leasing. Funding is also made available by the facility owner, under the lease, for leasehold improvements to be made by the latter for an estimated value of US$1.2 million.

Complete financial statements for the fiscal year ended October 31, 2006 are available on Haemacure’s web site, www.haemacure.com , and have been filed on SEDAR.

Haemacure Corporation is a Canadian company specializing in the development of innovative biological adhesives, biomaterials and surgical devices for the acute surgical wound care market. It also operates offices in Sarasota, Florida through a wholly-owned subsidiary. The Corporation is traded under the stock symbol HAE on the TSX.

All dollar amounts set forth in this press release are in Canadian dollars, except where otherwise stated.

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties or other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For information identifying known risks and uncertainties, relating to foreign currency risk, reliance on external financing, the commercialization and development of the Corporation’s products, intellectual property, dependence on key employees, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in the Management's Discussion and Analysis for the fiscal year ended on October 31, 2005, which can be found at www.sedar.com.