MONTREAL, Feb. 28 - Haemacure Corporation (TSX: HAE.TO) released today the results of its first quarter ended January 31, 2008.
Results
Revenues amounted to $24,674, as compared to $32,106 for the same quarter last year. Revenues are exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $1.2 million, up 47% from $828,482 for the same quarter last year. The increase is mainly related to the production of laboratory samples of the Company's fibrin sealant, business development and investor relations activities, the hiring of personnel and consultants. The consolidated net loss for the quarter amounted to $1.2 million, or $0.01 per share, as compared to $813,253, or $0.01 per share, for the same quarter last year.
Financial Position
Cash, cash equivalents and temporary investments amounted to $5.7 million as of January 31, 2008, as compared to $7.6 million as at October 31, 2007.
"I am very pleased that we are on schedule and on budget with the construction of our manufacturing facility. This is a critical component of getting back into the clinic and enhancing shareholder value," commented Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "This is an exciting year for the Company as we will have numerous value inflection points, such as the commissioning of the manufacturing facility, the production of fibrin sealant for clinical trials and the amendment to our existing IND application with the FDA, all within the next 9 months. The Company is on track to meeting its first patient in the clinic target of Q1 2009" concluded Mr. Galli.
Growing Team
Haemacure announces the appointment of Diane Roch as Director of Communications and Investor Relations. Ms Roch's extensive experience in marketing and communications will support the Company's growth and contribute to further extend its presence in the global market place. Ms Roch will work from Heamacure's Head Office located in Montreal, Quebec. Haemacure has also undertaken to recruit two senior managers for its manufacturing facility located in Sarasota, Florida.
About Haemacure Corporation
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 haemostats. Haemacure's lead product candidate, Hemaseel(R)HMN, is a human-derived fibrin sealant planned to enter pivotal Phase II/Phase III clinical trials in 2009. Haemacure's second product candidate is human thrombin, a component of its fibrin sealant, now in preclinical stage. Both candidates have applications in the expanding bio-surgical market. Follow-on development will focus on surgical haemostats, wound management, drug delivery, regenerative medicine, adhesion prevention and combination with biomaterials. Haemacure has discovered additional specialty proteins in one of its two plasma fractions and seeks to 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 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.
Complete financial statements for the quarter ended January 31, 2008 are available on Haemacure's web site, www.haemacure.com, and have been filed on Sedar.
Financial Highlights
(unaudited)
Quarters ended
January 31, January 31,
2008 2007
---------- ----------
Sales $ 24,674 $ 32,106
Gross profit $ 13,302 $ 15,229
Gross margin 54% 47%
General and administrative expenses $ 845,371 $ 620,593
Research and development expenses $ 403,707 $ 165,816
Total expenses $ 1,221,659 $ 828,482
Net loss $ (1,208,357) $ (813,253)
Loss per share $ (0.01) $ (0.01)
Weighted average number of shares
outstanding 163,800,917 70,566,352
As at As at
January 31, October 31,
2008 2007
---------- ----------
Cash and cash equivalents $ 1,692,484 $ 3,591,883
Temporary investment $ 4,008,000 $ 4,011,200
Total assets $ 10,078,200 $ 10,939,289
Shareholders' equity $ 8,091,336 $ 9,226,329
Contacts
Haemacure Corporation:
Joseph Galli
Chairman and Chief Executive Officer
(514) 990-7074
Gilles Lemieux
Secretary
(514) 282-3350 x22
Diane Roch
Director of Communications
(514) 282-3350 x27
www.haemacure.com
