Haemacure Reports Third Quarter 2007 Results

    MONTREAL, Aug. 31 /CNW Telbec/ - Haemacure Corporation (TSX : HAE)
released today the results of its third quarter ended July 31, 2007.


    Revenues amounted to $31,674, as compared to $31,409 for the same quarter
last year. Revenues are exclusively derived from the sale of our fibrin
sealant application devices. Operating expenses amounted to $869,822, as
compared to $741,205 for the same quarter last year. The increase is mainly
attributable to stock-based compensation resulting from option grants and
increased business development and investor relations activities. The
consolidated net loss for the quarter amounted to $856,879, or $0.01 per
share, as compared to $724,163, or $0.02 per share, for the same quarter last
    "We continue to accomplish the turnaround of the company to make it an
independent player with next generation, high-value products", said Mr. Joseph
Galli, Chairman and Chief Executive Officer of Haemacure. "We are implementing
a strategy to hasten the initiation of the Phase III clinical trials for our
lead product candidate, the Hemaseel(R)HMN fibrin sealant We are also
assessing alliances with strategic partners that may result in much wider
fields of use for our fibrin sealant. To that end, we will soon deliver to
these potential partners small volumes of our fibrin sealant for evaluation",
concluded Mr. Galli.

    Financial Position

    Cash and cash equivalents and temporary investments stood at $8.3 million
as of July 31, 2007, as compared to $519,300 as at October 31, 2006.


    Pursuant to an agreement entered into in 2002, CSL Behring AG ("CSL") is
obligated to pay to Haemacure the sum of US$4.5 million upon Haemacure
achieving certain milestones related to its Hemaseel project. On August 20,
2007, CSL advised Haemacure of its opinion that it is no longer obliged to pay
this sum. Haemacure disputes the position of CSL and will aggressively defend
its right to the future payment of this sum. This has no impact on Haemacure's
current financial situation.

    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
    Haemacure's lead product candidate, Hemaseel(R)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 July 31, 2007 are
available on Haemacure's web site, www.haemacure.com, and have been filed on

    Financial Highlights
                                                         Quarters ended

                                                      July 31,       July 31,
                                                         2007           2006
                                                   ------------  ------------

    Sales                                          $    31,674   $    31,409
    Gross profit                                   $    12,943   $    17,042
    Gross margin                                            41%           54%
    Selling and marketing expenses                           -   $    13,105
    General and administrative expenses            $   734,286   $   522,444
    Total expenses                                 $   869,822   $   741,205
    Net loss                                       $  (856,879)  $  (724,163)
    Loss per share                                 $     (0.01)  $     (0.02)
    Weighted average number of shares
     outstanding                                   163,800,917    38,800,917

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

    Cash and cash equivalents                      $ 4,292,487   $    78,300
    Temporary investment                           $ 4,007,200   $   441,000
    Total assets                                   $11,726,205   $ 2,696,198
    Shareholders' equity                           $10,138,094   $   981,381

For further information:

For further information: Haemacure Corporation: Joseph Galli, Chairman
and Chief Executive Officer, (514) 990-7074; Gilles Lemieux, Secretary,
(514)-282-3350 ext. 22; www.haemacure.com

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