Haemacure Provides Update on Fibrin Sealant Project and Reports Third Quarter Results


    MONTREAL, Sept. 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 an activity
update and reports third quarter results.

    Fibrin Sealant Project - Hemaseel(R)HMN

    During the third quarter, Haemacure completed the construction phase of
its manufacturing facility, started processing plasma and began the validation
of the facility. In June, Haemacure raised $7.8 million of equity through the
exercise of warrants issued as part of the private placement completed in
January 2007. Haemacure has also begun clinical sites visits and, with
feedback from surgeons, is finalizing the protocol for the pivotal
Phase II/Phase III clinical trials for its fibrin sealant. A partnership and
collaboration strategy has been developed and the company is pursuing various
options. Haemacure is also pursuing follow-on development activities aiming to
expand the use of its lead product candidate, human fibrin sealant, beyond its
primary haemostatic and tissue sealant function.
    Plasma processing is proceeding as planned and the product and production
process are meeting expectations. The validation and documentation phase has
proven more time and resource consuming than planned and Haemacure will
require more time to complete this phase. Additional resources are being
deployed to complete this phase and Haemacure expects that this delay will
move its first patient-in-the-clinic milestone by one quarter to calendar H1
2009 rather than Q1 2009. Haemacure anticipates commercial launch of the
product on the U.S. market at the beginning of 2011, in line with the
Corporation's previously announced guidance.
    "I am very pleased with the progress we have made towards reaching our
goal of a commercial launch at the beginning of 2011. Haemacure's platform
extraction technology will provide very competitive advantages in terms of
fibrin sealant performance and cost, and will be exploited in the only fibrin
sealant manufacturing facility based in the United States for the U.S.
market." said Joseph Galli, Chairman and CEO of Haemacure. "Concurrent with
getting back into the clinic, we are focussing our efforts on partnering for
the growing potential applications for our fibrin sealant. I look forward to
an exciting next 12 months as we enter late stage clinical trials and
partnering phases," concluded Mr. Galli.

    Third Quarter Results

    Revenues amounted to $25,593, as compared to $31,674 for the same quarter
last year. Revenues are exclusively derived from the sale of legacy fibrin
sealant application devices. The fluctuations in sales are mainly the result
of changes in the Canadian/US dollar exchange rate. Operating expenses
amounted to $2.0 million, as compared to $869,822 for the same quarter last
year. The increase is mainly attributable to salaries and benefits resulting
from the hiring of personnel, the purchase of supplies and raw material to
begin plasma fractionation to produce fibrin sealant, and clinical
trials-related activities.

    Financial Position

    Cash, cash equivalents and temporary investments amounted to $7.7 million
as of July 31, 2008, as compared to $7.6 million as of October 31, 2007. In
June 2008, a number of the warrants issued as part of the $12.5 million
private placement completed in January 2007 were exercised, generating
proceeds of $7.8 million.

    Net Loss

    The consolidated net loss for the quarter was $2.0 million, or $0.01 per
share, up from a consolidated net loss of $856,879, or $0.01 per share, for
the same quarter last year.

    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 planned to enter pivotal Phase II/Phase
III clinical trials during the first half 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 the use of fibrin sealant in
aesthetics, adhesion prevention, skin graft fixation for burn injuries,
combination with biomaterials, drug delivery, regenerative medicine, surgical
hemostasis and wound healing. 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 is headquartered in Montreal, Quebec,
and also 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

                                                    Quarters ended

                                         July 31, 2008         July 31, 2007
                                         -------------         -------------

    Sales                                      $25,593               $31,674
    Gross profit                               $14,268               $12,943
    Gross margin                                    56%                   41%
    General and administrative
     expenses                                 $879,413              $734,286
    Research and development expenses         $978,680              $158,534
    Other expenses                             $99,029                     -
    Total expenses                          $2,037,154              $869,822
    Net loss                               $(2,022,886)             $856,879
    Loss per share                              $(0.01)               $(0.01)
    Weighted average number of shares
     outstanding                           186,418,348           163,800,917

                                                 As at                 As at
                                         July 31, 2008      October 31, 2007
                                         -------------      ----------------

    Cash and cash equivalents               $2,381,988            $3,591,883
    Temporary investment                    $5,272,174            $4,011,200
    Total assets                           $14,964,397           $10,939,289
    Shareholders' equity                   $11,847,527            $9,226,329

For further information:

For further information: Haemacure Corporation: Joseph Galli, Chairman
and CEO, (514) 990-7074, jgalli@haemacure.ca; Gilles Lemieux, Corporate
Secretary, (514) 282-3350 x22, glemieux@haemacure.ca; www.haemacure.com

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