Haemacure Reports Second Quarter 2007 Results



    HAE:TSX

    MONTREAL, June 1 /CNW Telbec/ - Haemacure Corporation (TSX : HAE)
released today the results of its second quarter ended April 30, 2007.

    Results

    Revenues amounted to $24,757, as compared to $36,918 for the same quarter
last year. Revenues are exclusively derived from the sale of fibrin sealant
application devices HemaSyst(TM) and HemaMyst(TM). Operating expenses amounted
to $1.3 million, as compared to $763,232 for the same quarter last year. The
increase is mainly attributed to an increase in general and administrative
expenses. The consolidated net loss for the quarter amounted to $1.3 million,
or $0.01 per share, as compared to $741,327, or $0.02 per share, for the same
quarter last year.
    "As announced at our Annual Meeting of Shareholders on March 6 last, we
have undertaken a turnaround of the Corporation aimed at maximizing
shareholder value. We will do this by leveraging assets such as our plasma
protein extraction and purification technology platform, the experience of the
management team, the existing IND and our clinical experience." said
Mr. Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "This
turnaround also includes the leveraging of high-value therapeutic proteins
derived from our plasma discard, planned to be developed in partnership with
pharmaceutical and biotechnology companies. I am excited with the progress
made to date in the identification of these proteins, as well as with our
business development activities. We will focus our efforts to see that these
opportunities bear fruit. We have repositioned the company to focus on its
strengths and to leverage our position as an independent player with next
generation products", concluded Mr. Galli.

    Financial Position

    Cash and cash equivalents and temporary investments stood at $9.7 million
as of April 30, 2007, as compared to $519,300 as at October 31, 2006.

    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(TM)HMN, is a human-derived
fibrin sealant in late-stage clinical development. 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, bio-material combinations and
drug delivery in select therapeutic areas. Haemacure has recently discovered
additional specialty proteins in its plasma-derived intermediates and will
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 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.

    Complete financial statements for the quarter ended April 30, 2007 are
available on Haemacure's web site, www.haemacure.com, and have been filed on
Sedar.

    
    Financial Highlights
    (unaudited)

                                                         Quarters ended

                                                      April 30,     April 30,
                                                          2007          2006
                                                      ---------     ---------

    Sales                                              $24,757       $36,918
    Gross profit                                       $11,725       $21,905
    Gross margin                                            47%           59%
    Selling and marketing expenses                           -       $13,883
    General and administrative expenses             $1,177,120      $540,702
    Total expenses                                  $1,313,800      $763,232
    Net loss                                       $(1,302,075)    $(741,327)
    Loss per share                                      $(0.01)       $(0.02)
    Weighted average number of
     shares outstanding                            163,800,917    38,800,917

                                                         As at         As at
                                                      April 30,   October 31,
                                                          2007          2006
                                                      ---------   -----------

    Cash and cash equivalents                       $9,665,798       $78,300
    Temporary investment                                     -      $441,000
    Total assets                                   $12,898,978    $2,696,198
    Shareholders' equity                           $10,927,368      $981,381
    




For further information:

For further information: Joseph Galli, Chairman and Chief Executive
Officer, Haemacure Corporation, (514) 990-7074; www.haemacure.com

Organization Profile

HAEMACURE CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890