Haemacure posts wider loss in Q3 - Update

Haemacure Corp. , a specialty bio-therapeutics company, reported Tuesday a wider net loss for the third quarter on lower revenue and higher operating expenses. The Montreal, Quebec-based company reported a net loss of C$2.0 million for the third quarter, wider than net loss of C$856 thousands in the same quarter last year. On a per share basis, the loss was flat year-over-year at C$0.01. Quarterly revenues declined to C$25 thousands from C$31 thousands in the previous year, reflecting the changes in the Canadian/US dollar exchange rate. The major source of revenues was from the sale of legacy fibrin sealant application devices. Operating expenses increased to C$2.0 million from C$869 thousands in the preceding year due to salaries and benefits for increase in personnel, purchase of supplies and raw material for the production of fibrin sealant, and clinical trials-related activities. As of July 31, the company had cash, cash equivalents and temporary investments of C$7.7 million. During the quarter, the company completed the construction phase of its manufacturing facility and started plasma processing in the unit. The company said that plasma processing is in line with expectations, and anticipates commercial launch of the product on the U.S. market at the beginning of 2011.In addition, Haemacure said it was carrying out development activities for expansion of its lead product candidate, human fibrin sealant, beyond its primary haemostatic and tissue sealant function.