Haemacure Reports on Financing Progress and Second Quarter Results



    HAE:TSX

    MONTREAL, June 2 /CNW Telbec/ - 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(R)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          $668,452             $205,224
    Other expenses                             $468,824                    -
    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 further information:

For further information: Haemacure Corporation: Joseph Galli, Chairman
and CEO, (514) 990-7074, jgalli@haemacure.ca; Diane Roch, Director,
Communications and Investor Relations, (514) 282-3350 ext. 27, Cel.: (514)
952-3350, droch@haemacure.ca; www.haemacure.com

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HAEMACURE CORPORATION

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