Haemacure Reports on Strategic Collaboration with Angiotech Pharmaceuticals, Inc. and Second Quarter 2009 Financial Results


    MONTREAL, June 11 /CNW Telbec/ - Haemacure Corporation (TSX : HAE)
released today the results of its second quarter ended April 30, and reports
on its recently concluded strategic collaboration with Angiotech
Pharmaceuticals, Inc.

    Stategic Collaboration

    As previously announced on June 3, 2009, Angiotech Pharmaceuticals, Inc.
and Haemacure have entered into a strategic collaboration which provides
Angiotech with license, distribution and supply rights related to Haemacure's
all-human fibrin sealant and thrombin products, both of which are currently in

    Bridge Financing

    Also on June 3, 2009, Angiotech and Haemacure entered into a bridge loan
agreement in the minimum amount of US$2.5 million, to be advanced by Angiotech
in multiple draw-downs. An amount of US$200,000 was received upon the signing
of a term sheet on May 1st, 2009 and an amount of US$1 million was received
upon the closing of the transaction. Angiotech may, at its sole discretion,
advance up to an additional US$1 million to Haemacure from time to time, in
multiple draw-downs, for a total loan of US$3.5 million. Haemacure estimates
that the loan of US$2.5 million will allow it to continue operations until the
end of calendar 2009.
    "We believe this strategic collaboration and bridge financing with
Angiotech provide an important validation of our company and its product
candidates. This also positions us for a larger, subsequent capital raise in
order to complete the development and launch our fibrin sealant and thrombin
products on the market, said Joseph Galli, Chairman and Chief Executive
Officer of Haemacure. "By collaborating with Angiotech, a company with a
successful track record of innovation in drug delivery, we are expanding the
number of product candidates that can be developed and leveraging our
technology in new markets with significant unmet needs" concluded Mr. Galli.

    Second Quarter Results

    Revenues amounted to $18,765, as compared to $28,368 for the same quarter
last year. Revenues were exclusively derived from the sale of legacy fibrin
sealant application devices. Operating expenses amounted to $1.3 million, down
from $2.5 million for the same quarter last year. The decrease was mainly
attributable to the absence of stock-based compensation expenses in the second
quarter, as compared to the same quarter last year, and to major cost cutting
measures implemented in February 2009 to preserve cash. The consolidated net
loss for the quarter amounted to $1.2 million, or $0.01 per share, as compared
to $2.5 million, or $0.02 per share, for the same quarter last year.

    Financial Position

    Cash, cash equivalents and investments amounted to $204,069 as of April
30, 2009, as compared to $4.6 million as at October 31, 2008.

    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 haemostats. Haemacure's lead product candidate,
Hemaseel(R)HMN, is a fibrin sealant in pivotal clinical trials stage.
Haemacure's second product candidate is thrombin, a component of its fibrin
sealant, now in preclinical stage. Follow-on development is focussed on the
use of fibrin sealant in adhesion prevention, aesthetics, combination with
biomaterials, drug delivery, regenerative medecine, skin graft fixation for
burn injuries, and wound healing. Haemacure has identified 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, Canada
and 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
results of clinical trials, 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
    Complete financial statements for the quarter ended April 30, 2009 are
available on Haemacure's web site, www.haemacure.com, and have been filed on

    Financial Highlights
                                                      Quarters ended

                                              April 30, 2009  April 30, 2008
                                              --------------  --------------

    Sales                                            $18,765         $28,368
    General and administrative expenses             $631,681      $1,327,551
    Research and development expenses               $581,164        $668,452
    Total expenses                                $1,252,377      $2,520,807
    Net loss                                     $(1,242,150)    $(2,504,982)
    Loss per share                                    $(0.01)         $(0.02)
    Weighted average number of shares
     outstanding                                 206,316,298     163,800,917

                                                       As at           As at
                                                    April 30,     October 31,
                                                        2009            2008
                                              --------------  --------------

    Cash and cash equivalents                       $120,989      $1,205,500
    Investments                                      $83,080      $3,398,496
    Total assets                                 $10,189,427     $13,033,252
    Shareholders' equity                          $4,998,695      $8,818,586

For further information:

For further information: Joseph Galli, Chairman and CEO, Haemacure
Corporation, (514) 990-7074, jgalli@haemacure.ca; www.haemacure.com

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