MONTREAL — Biotechnology developer Haemacure Corp. (TSX:HAE) said Friday it is likely to run through its cash reserves without additional financing and announced its intention to merge or sell the company.
The Montreal-based firm said it would initiate a process meant to lead to a sale without specifying any potential buyers.
Haemacure implemented a series of cost-cutting measures intended to create a three-month window in which the company could either arrange a sale or secure bridge financing.
Those measures included placing 12 out of 18 employees on leave, restructuring obligations to suppliers and suspending major consulting agreements.
Haemacure said it was also postponing pre-clinical trials for its fibrin sealant, a potential skin-graft treatment that was due to enter the next phase of testing this summer.
The company said it would continue to prepare for the clinical trials in case financing becomes available.
Last month, Haemacure said its 2008 fiscal loss doubled to $8 million or five cents a share as revenue slipped to $96,500 from year-earlier levels of $119,700.
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