Haemacure Completes US$2.5 Million Bridge Financing from Angiotech
MONTREAL, June 3 /CNW Telbec/ - 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
"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.
For further information:
For further information: Haemacure Corporation: Joseph Galli, Chairman
and CEO, (514) 990-7074, email@example.com; Gilles Lemieux, Secretary, (514)
282-3350 ext. 22, firstname.lastname@example.org; www.haemacure.com