Haemacure Reports First Quarter 2007 Results


    MONTREAL, March 2 /CNW Telbec/ - Haemacure Corporation (TSX:HAE) released
today the results of its first quarter ended January 31, 2007.


    Revenues amounted to $32,106, as compared to $48,062 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 $828,482, as compared to $880,363 for the same quarter last year. The
decrease is mainly attributed to a decrease in general and administrative
expenses. The consolidated net loss for the quarter amounted to $813,253, or
$0.01 per share, as compared to $851,895, or $0.02 per share, for the same
quarter last year.
    Mr. Joseph Galli, Chairman and Chief Executive Officer of Haemacure,
commented, "At the end of my first month as CEO of Haemacure, I am even more
excited with the various opportunities and possibilities that the world wound
treatment market offers to Haemacure than I was when I accepted this
appointment. The global market for fibrin sealant and haemostatic agents is
expected to grow for years at a pace such that the demand for products like
our Hemaseel(TM)HMN fibrin sealant and Hemaseel(TM)Thrombin haemostatic agent
will exceed the expected supply. This will provide us with an opportunity to
fit in as a major player in this market. We have taken steps and will continue
to look for ways of widening the fields of application of our products, in
collaboration with active players in the industry. I personally believe that,
with the right conditions, Haemacure can thrive in the long term as a quality
supplier of innovative human plasma-derived products."

    Financial Position

    Cash and cash equivalents stood at $11 million as of January 31, 2007,
further to the successful closing in January 2007 of a private placement
generating gross proceeds of $12.5 million.

    Hemaseel Project

    Haemacure plans on using its liquidities to finance part of the
completion of its Hemaseel project and is currently active in arranging for
the financing of the acquisition of the manufacturing equipment remaining to
be purchased. Additional financing will also be required for operations until
regulatory approval of its fibrin sealant and haemostatic agent is obtained.

    About Haemacure Corporation

    Haemacure Corporation is a Canadian company engaged in the development
and commercialization of innovative biological adhesives, biomaterials and
surgical devices for the acute surgical wound care market. It also operates
offices in Sarasota, Florida through a wholly-owned subsidiary. The
Corporation is traded under the stock symbol HAE on the TSX.

    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 January 31, 2007 are
available on Haemacure's web site, www.haemacure.com, and have been filed on

    Financial Highlights

                                                          Quarters ended

                                                    January 31,   January 31,
                                                          2007          2006
                                                    ----------    ----------
    Sales                                              $32,106       $48,02
    Gross profit                                       $15,229      $28,468
    Gross margin                                            47%          59%
    Selling and marketing expenses                           -      $14,180
    General and administrative expenses               $620,593     $695,368
    Total expenses                                    $828,482     $880,363
    Net loss                                         $(813,253)   $(851,895)
    Loss per share                                      $(0.01)      $(0.02)
    Weighted average number of shares outstanding   70,566,352   38,800,917

                                                         As at        As at
                                                    January 31,   October 31,
                                                          2007          2006
                                                    ----------    ----------

    Cash and cash equivalents                      $10,979,032       $78,300
    Temporary investment                                     -      $441,000
    Total assets                                   $13,454,038    $2,696,198
    Shareholders' equity                           $11,765,635      $981,381

For further information:

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

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