Montreal, March 2, 2007 – Haemacure Corporation (TSX : HAE) released today the results of its first quarter ended January 31, 2007.
Results
Revenues amounted to $32,106, as compared to $48,062 for the same quarter last year. Revenues are exclusively derived from the sale of fibrin sealant application devices, HemaSyst™ and HemaMyst™. Operating expenses amounted to $828,482, as compared to $880,363 for the same quarter last year. The decrease is mainly attributed to a decrease in general and administrative expenses. The consolidated net loss for the quarter amounted to $813,253, or $0.01 per share, as compared to $851,895, or $0.02 per share, for the same quarter last year.
Mr. Joseph Galli, Chairman and Chief Executive Officer of Haemacure, commented, “At the end of my first month as CEO of Haemacure, I am even more excited with the various opportunities and possibilities that the world wound treatment market offers to Haemacure than I was when I accepted this appointment. The global market for fibrin sealant and haemostatic agents is expected to grow for years at a pace such that the demand for products like our Hemaseel™HMN fibrin sealant and Hemaseel™Thrombin haemostatic agent will exceed the expected supply. This will provide us with an opportunity to fit in as a major player in this market. We have taken steps and will continue to look for ways of widening the fields of application of our products, in collaboration with active players in the industry. I personally believe that, with the right conditions, Haemacure can thrive in the long term as a quality supplier of innovative human plasma-derived products.”
Financial Position
Cash and cash equivalents stood at $11 million as of January 31, 2007, further to the successful closing in January 2007 of a private placement generating gross proceeds of $12.5 million.
Hemaseel Project
Haemacure plans on using its liquidities to finance part of the completion of its Hemaseel project and is currently active in arranging for the financing of the acquisition of the manufacturing equipment remaining to be purchased. Additional financing will also be required for operations until regulatory approval of its fibrin sealant and haemostatic agent is obtained.
About Haemacure Corporation
Haemacure Corporation is a Canadian company engaged in the development and commercialization 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.
Forward-looking Statements
Certain of the statements contained in this news release may be 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 include, but are not limited to the following: the impact of general economic conditions, general conditions in the biotech industry, results and outcomes of Haemacure’s clinical trials, changes in the regulatory environment in the jurisdictions in which Haemacure Corporation 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 Corporation disclaims any intention or obligation to update these statements.
Complete financial statements for the quarter ended January 31, 2007 are available on Haemacure’s web site, www.haemacure.com, and have been filed on Sedar.
For More Information:
Haemacure Corporation
Joseph Galli, Chairman and Chief Executive Officer
Tel: 514-990-7074
www.haemacure.com
