Montreal, Quebec, June 2, 2008 – Haemacure Corporation (TSX : HAE), a Montreal-based specialty bio-therapeutics company developing high-value human plasma-derived protein products for commercialization, provides financing update and reports on second quarter results.
Financing
As a result of the commitments Haemacure has received to-date from key shareholders to exercise their Series B warrants, the Corporation is well positioned to meet its objective of commencing the fibrin sealant pivotal
Phase II/Phase III clinical trials. The Corporation remains on schedule and on budget with the construction of its manufacturing facility.
“We are very appreciative and encouraged by the strong support we have received from our major shareholders, Firebird Management and Pinetree Capital, as demonstrated through the exercise of their Series B warrants.” said Joseph Galli, Chairman and CEO of Haemacure. “This support, coupled with the recent addition of Reinaldo Diaz to our Board of Directors and the hiring of senior managers at our facility, are elements of our value creation strategy that will make Haemacure a significant player on the global scale.” concluded Mr. Galli.
Second Quarter Results
Revenues amounted to $28,368, as compared to $24,757 for the same quarter last year. Revenues are exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $2.5 million, as compared to $1.3 million for the same quarter last year. The increase is mainly related to the hiring of personnel, consulting expenses, supplies for the laboratory and the manufacturing facility and unusual charges. The consolidated net loss for the quarter amounted to $2.5 million, or $0.02 per share, as compared to $1.3 million, or $0.01 per share, for the same quarter last year.
Financial Position
Cash, cash equivalents and temporary investments amounted to $3.6 million as of April 30, 2008, as compared to $7.6 million as at October 31, 2007.
About Haemacure
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 hemostats. Haemacure's lead product candidate, Hemaseel®HMN, is a fibrin sealant to enter pivotal Phase II/Phase III clinical trials during the first quarter of 2009. Haemacure's second product candidate is thrombin, a component of its fibrin sealant, now in preclinical stage. Follow-on development will focus on surgical hemostats, wound healing, adhesion prevention, regenerative medecine, drug delivery and combination with biomaterials. Haemacure has discovered eleven additional specialty proteins and enzymes in one if its two plasma fractions and seeks to advance these proteins and enzymes through partnerships with pharmaceutical and biotechnology companies. Haemacure operates offices in Sarasota, Florida through a wholly-owned subsidiary. The Corporation is traded under stock symbol HAE on the TSX.
Forward-looking Statements
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.
Financial Highlights
(unaudited)
Quarters ended
|
| April 30, 2008 | April 30, 2007 |
|
|
|
|
| Sales | $28,368 | $24,757 |
| Gross profit | $15,825 | $11,725 |
| Gross margin | 56% | 47% |
| General and administrative expenses | $1,327,551 | $1,177,120 |
| Research and development expenses Other expenses | $668,452 $468,824 | $205,224 - |
| Total expenses | $2,520,807 | $1,313,800 |
| Net loss | $(2,504,982) | $(1,302,075) |
| Loss per share | $(0.02) | $(0.01) |
| Weighted average number of shares outstanding | 163,800,917 | 163,800,917 |
|
|
|
|
|
| As at | As at |
|
| April 30, 2008 | October 31, 2007 |
|
|
|
|
| Cash and cash equivalents | $919,364 | $3,591,883 |
| Temporary investment | $2,657,716 | $4,011,200 |
| Total assets | $9,582,260 | $10,939,289 |
| Shareholders’ equity | $5,984,485 | $9,226,329 |
For Information:
Contacts
Joseph Galli
Chairman and CEO
Tel: 514-990-7074
jgalli@haemacure.ca
www.haemacure.com
Diane Roch
Director Communications
(514) 282-3350 ext. 27
Cel.: (514) 952-3350
droch@haemacure.ca
www.haemacure.com
