Biotechnology developer Haemacure Corp. (TSX:HAE) said Wednesday it would need to seek additional financing after reporting a drop in revenue and a fiscal 2008 loss that doubled from year-earlier levels.
The Montreal-based company said its 2008 loss grew to $8.8 billion or five cents a share, up from $4 million or three cents a share recorded in 2007.
Haemacure said revenue slipped to $96,571 for the fiscal year ended Oct. 31, 2008. Revenue was down from the $119,704 reported the previous year.
"Haemacure is financing its current activities with the proceeds of the $7.8 million generated through the exercise in June 2008 of warrants issued as part of the private placement it completed in January 2007, and will require additional financing in the near term to support its operations," the company said in a statement.
The private placement was expected to allow Haemacure to get its fibrin sealant into clinical trials in the first quarter of 2009.
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