Haemacure Reports First Quarter 2008 Results and provides activity update



    MONTREAL, Feb. 28 /CNW Telbec/ - Haemacure Corporation (TSX : HAE)
released today the results of its first quarter ended January 31, 2008.

    Results

    Revenues amounted to $24,674, as compared to $32,106 for the same quarter
last year. Revenues are exclusively derived from the sale of legacy fibrin
sealant application devices. Operating expenses amounted to $1.2 million, up
47% from $828,482 for the same quarter last year. The increase is mainly
related to the production of laboratory samples of the Company's fibrin
sealant, business development and investor relations activities, the hiring of
personnel and consultants. The consolidated net loss for the quarter amounted
to $1.2 million, or $0.01 per share, as compared to $813,253, or $0.01 per
share, for the same quarter last year.

    Financial Position

    Cash, cash equivalents and temporary investments amounted to $5.7 million
as of January 31, 2008, as compared to $7.6 million as at October 31, 2007.

    "I am very pleased that we are on schedule and on budget with the
construction of our manufacturing facility. This is a critical component of
getting back into the clinic and enhancing shareholder value," commented
Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "This is an
exciting year for the Company as we will have numerous value inflection
points, such as the commissioning of the manufacturing facility, the
production of fibrin sealant for clinical trials and the amendment to our
existing IND application with the FDA, all within the next 9 months. The
Company is on track to meeting its first patient in the clinic target of Q1
2009" concluded Mr. Galli.

    Growing Team

    Haemacure announces the appointment of Diane Roch as Director of
Communications and Investor Relations. Ms Roch's extensive experience in
marketing and communications will support the Company's growth and contribute
to further extend its presence in the global market place. Ms Roch will work
from Heamacure's Head Office located in Montreal, Quebec. Haemacure has also
undertaken to recruit two senior managers for its manufacturing facility
located in Sarasota, Florida.

    About Haemacure Corporation

    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
haemostats. Haemacure's lead product candidate, Hemaseel(R)HMN, is a
human-derived fibrin sealant planned to enter pivotal Phase II/Phase III
clinical trials in 2009. Haemacure's second product candidate is human
thrombin, a component of its fibrin sealant, now in preclinical stage. Both
candidates have applications in the expanding bio-surgical market. Follow-on
development will focus on surgical haemostats, wound management, drug
delivery, regenerative medicine, adhesion prevention and combination 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.


    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 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.

    Complete financial statements for the quarter ended January 31, 2008 are
available on Haemacure's web site, www.haemacure.com, and have been filed on
Sedar.

    
    Financial Highlights
    (unaudited)
                                                        Quarters ended

                                                January 31,      January 31,
                                                      2008             2007
                                                ----------       ----------
    Sales                                     $     24,674     $     32,106
    Gross profit                              $     13,302     $     15,229
    Gross margin                                        54%              47%
    General and administrative expenses       $    845,371     $    620,593
    Research and development expenses         $    403,707     $    165,816
    Total expenses                            $  1,221,659     $    828,482
    Net loss                                  $ (1,208,357)    $   (813,253)
    Loss per share                            $      (0.01)    $      (0.01)
    Weighted average number of shares
     outstanding                               163,800,917       70,566,352

                                                     As at            As at
                                                January 31,      October 31,
                                                      2008             2007
                                                ----------       ----------
    Cash and cash equivalents                 $  1,692,484     $  3,591,883
    Temporary investment                      $  4,008,000     $  4,011,200
    Total assets                              $ 10,078,200     $ 10,939,289
    Shareholders' equity                      $  8,091,336     $  9,226,329
    




For further information:

For further information: Haemacure Corporation: Joseph Galli, Chairman
and Chief Executive Officer, (514) 990-7074; Gilles Lemieux, Secretary, (514)
282-3350 x22; Diane Roch, Director of Communications, (514) 282-3350 x27;
www.haemacure.com

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HAEMACURE CORPORATION

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