Haemacure Announces Fiscal 2007 Results and Provides Activity Update



    HAE:TSX

    MONTREAL, Dec. 20 /CNW Telbec/ - Haemacure Corporation (TSX:HAE), a
Montreal-based specialty bio-therapeutics company, announces the results of
the fiscal year ended October 31, 2007 and provides an update on activities.

    Results

    Haemacure recorded revenues of $119,704 in fiscal 2007, as compared to
$147,134 the prior year. Revenues consisted exclusively of legacy devices
sales. Operating expenses totalled $4.0 million, up 29% from $3.1 million the
prior year. The increase is mainly attributable to the construction of the
manufacturing facility, the setting-up of a laboratory, business development
and investor relations activities, regulatory affairs, and stock-based
compensation resulting from stock option grants. Haemacure incurred a
consolidated net loss of $3.97 million in fiscal 2007, or $0.03 per share, up
from a net loss of $3.01 million, or $0.08 per share, the prior year.
    "I am very pleased and excited with our progress since February 1, 2007
in restructuring and setting a new direction for the Company", said Mr. Joseph
Galli, Chairman and Chief Executive Officer of Haemacure. "Given the current
and future competitive conditions, Haemacure is poised to become a global,
independent player with a next generation, all-human fibrin sealant",
concluded Mr. Galli.

    First-Patient-In

    Haemacure plans on having a first patient undergo surgery in the planned
pivotal Phase II/Phase III clinical trials for its human fibrin sealant
Hemaseel(R)HMN during the first quarter of calendar 2009. The trials will be
carried out under the IND currently open with the US FDA.

    Manufacturing Strategy

    Haemacure is building a small-scale manufacturing facility in Sarasota,
Florida where it will first produce its proprietary fibrin sealant for the
planned pivotal Phase II/Phase III clinical trials and the commercial launch
of the product in the United States.
    The commissioning of this facility is the first stage of Haemacure's
two-stage manufacturing strategy announced last October. The timeline for the
commercial launch of the fibrin sealant remains towards the end of 2010 or the
beginning of 2011. The benefit of this two-phase strategy is that it requires
lower capital expenditures than the original plan at the onset.
    The second stage of the manufacturing strategy is to expand the launch
facility into a larger scale facility and to complete the development of
Haemacure's second product candidate, the Hemaseel(R)Thrombin human
haemostatic agent, now in pre-clinical stage.

    Sample Fibrin Sealant for Evaluation

    Haemacure is preparing to deliver small volumes of its proprietary fibrin
sealant shortly to potential partners or clients that have requested sample
product for evaluation in various applications. This delivery is a first step
towards Haemacure's objective of becoming a long-term supplier of human fibrin
sealant to the wound management, regenerative medicine, drug delivery and
biomaterials markets. The fibrin sealant to be delivered is produced by
Haemacure at its Montreal laboratory.

    Financing

    Haemacure is financing its current activities with the net proceeds of
the $12.5 million private placement it completed in January 2007 and will
require additional financing during this fiscal year to support its operations
plan.
    Complete financial statements for the fiscal year ended October 31, 2007
are available on Haemacure's web site, www.haemacure.com, and have been filed
on SEDAR.

    About Haemacure

    Haemacure Corporation is a specialty bio-therapeutics company developing
high-value human therapeutic proteins 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(R)HMN, is a
human-derived fibrin sealant planned to enter pivotal Phase II/Phase III
clinical trials. Haemacure's second product candidate is human thrombin, a
component of its fibrin sealant. Both candidates have applications in the
expanding bio-surgical market. Follow-on development will focus on surgical
hemostats, adhesion prevention, regenerative medicine, drug delivery in select
therapeutic areas and combinations with biomaterials. Haemacure has discovered
additional specialty proteins in one of its two plasma fractions and seeks to
advance these specialty proteins through partnerships with pharmaceutical and
biotechnology companies. Haemacure is headquartered in Montreal (Quebec)
Canada and 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

    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.


    
    Financial Highlights
    Years ended October 31
    (in Canadian dollars)

                                                      2007              2006
                                                      ----              ----
                                                         $                 $
    Sales                                          119,704           147,134
    Cost of sales                                   66,820            60,771
    Expenses                                     4,018,552         3,097,844
    Net loss                                    (3,965,668)       (3,011,481)
    Loss per common share                            (0.03)            (0.08)
    Weighted average number of
     outstanding common shares                 140,300,698        38,800,917


                                                     As at             As at
                                          October 31, 2007  October 31, 2006
                                          ----------------  ----------------
                                                         $                 $
    Cash and cash equivalents                    3,591,883            78,300
    Temporary investment                         4,011,200           441,000
    Other receivables                               47,905            80,540
    Total assets                                10,939,289         2,696,198
    Shareholders' equity                         9,226,329           981,381
    




For further information:

For further information: Haemacure Corporation: Joseph Galli, Chairman
of the Board and CEO, (514) 990-7074; Gilles Lemieux, Secretary, (514)
282-3350 ext. 22, www.haemacure.com

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