MONTREAL, May 4 /CNW Telbec/ - Haemacure Corporation (TSX:HAE), a
Montreal-based specialty bio-therapeutics company, announces that it has
entered into a term sheet with Angiotech Pharmaceuticals, Inc. of Vancouver
(NASDAQ: ANPI, TSX:ANP) for a senior secured bridge loan from Angiotech in the
amount of US$2.5 million. Haemacure expects that the bridge loan will enable
it to operate for a period of approximately ten to twelve months from the date
of the closing of the loan. The bridge loan will be convertible into Haemacure
securities in certain circumstances.
"This is great news for Haemacure. We look forward to closing this bridge
financing and collaborating with Angiotech" said Joseph Galli, Chairman and
CEO of Haemacure.
The term sheet provides that the closing of the bridge loan is expected
to take place by May 31, 2009. Completion of the transaction is conditional on
standard closing conditions, including negotiation and execution of loan and
security documentation and related collaboration agreements between Haemacure
and Angiotech. Haemacure can give no assurance that the various closing
conditions will be satisfied or that the transaction will close. In connection
with the bridge loan, Angiotech has advanced US$200,000 to 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 haemostats. Haemacure's proprietary, lead product candidate
is a fibrin sealant in late-stage clinical trials. Haemacure's proprietary,
second product candidate is thrombin, a component of its fibrin sealant, now
in preclinical stage. Follow-on development will focus on the use of fibrin
sealant in aesthetics, adhesion prevention, combination with biomaterials,
drug delivery, regenerative medecine, skin graft fixation for burn injuries,
and wound healing.
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and
medical device company with over 1,500 dedicated employees. Angiotech
discovers, develops and markets innovative treatment solutions for diseases or
complications associated with medical device implants, surgical interventions
and acute injury. To find out more about Angiotech (NASDAQ: ANPI, TSX:ANP),
please visit its website at www.angiotech.com.
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.
For further information:
For further information: Haemacure Corporation: Joseph Galli, Chairman
and CEO, (514) 990-7074, firstname.lastname@example.org; Gilles Lemieux, Secretary, (514)
282-3350 ext. 22, email@example.com; www.haemacure.com