MONTREAL, Sept. 14 /CNW Telbec/ - Haemacure Corporation (TSX : HAE) reported today on current activities and released the financial results of its third quarter ended July 31.
Haemacure and Angiotech Pharmaceuticals, Inc. started work pursuant to the strategic collaboration entered into in June 2009, including the shipment of product to Angiotech. This collaboration provides Angiotech with license, distribution and supply rights for Haemacure's all-human fibrin sealant and thrombin products, both of which are in development.
Haemacure is actively preparing for the pivotal phase II/III clinical trials for its fibrin sealant and is seeking additional financing.
"We are very pleased with the strategic collaboration Haemacure entered into with Angiotech, which provides liquidity and an important validation of our company and its product candidates." said Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "In addition, we are in discussion with other parties who need fibrin sealant and thrombin to enable their products." concluded Mr. Galli.
Cash, cash equivalents and investments amounted to $336,598 as at July 31, 2009, as compared to $4.6 million as at October 31, 2008. Haemacure estimates that it has cash, and access to liquidity as a result of the transaction with Angiotech, to enable it to operate until the end of calendar year 2009.
Revenues amounted to $15,390, as compared to $25,593 for the same quarter last year. Revenues were exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $824,634, down from $2 million for the same quarter last year. The decrease was mainly attributable to foreign exchange fluctuation and the major cost cutting measures implemented in February 2009 to preserve cash. The consolidated net loss for the quarter amounted to $798,852, or nil per share, as compared to $2 million, or $0.01 per share, for the same quarter last year.
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 lead product candidate, Hemaseel(R)HMN, is a fibrin sealant in pivotal clinical trials stage. Haemacure's second product candidate is thrombin, a component of its fibrin sealant, now in preclinical stage. Follow-on development is focussed on the use of fibrin sealant in adhesion prevention, aesthetics, combination with biomaterials, drug delivery, regenerative medecine, skin graft fixation for burn injuries, and wound healing. Haemacure has identified 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 is headquartered in Montreal, Canada and operates offices in Sarasota, Florida through a wholly-owned subsidiary. The Corporation is traded under stock symbol HAE on the TSX.
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 results of clinical trials, 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.
Complete financial statements for the quarter ended July 31, 2009 are available on Haemacure's web site, www.haemacure.com, and have been filed on Sedar.
July 31, 2009 July 31, 2008
Sales $ 15,390 $ 25,593
General and administrative expenses $ 579,598 $ 879,413
Research and development expenses $ 320,466 $ 978,680
Total expenses $ 824,634 $ 2,048,479
Net loss $ (798,852) $(2,022,886)
Loss per share $(0.00) $(0.01)
Weighted average number of shares
outstanding 206,316,298 186,418,348
As at As at
July 31, October 31,
Cash and cash equivalents $ 303,626 $ 1,205,500
Investments $32,972 $ 3,398,496
Total assets $10,215,630 $13,033,252
Shareholders' equity $ 4,199,821 $ 8,818,586
SOURCE HAEMACURE CORPORATION
For further information: For further information: Haemacure Corporation: Joseph Galli, Chairman and CEO, (514) 990-7074, firstname.lastname@example.org; www.haemacure.com; Gilles Lemieux, Secretary, (514) 282-3350 x 22, email@example.com