MONTREAL, March 12 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE) released today the results of its first quarter ended January 31, 2009.
Results
Revenues amounted to $19,226, as compared to $24,674 for the same quarter last year. Revenues were exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $2.7 million, up from $1.2 million for the same quarter last year. The increase was mainly related to the purchase of supplies and materials associated with the validation of the Company's manufacturing facility, and the pivotal phase II/III clinical trials of its lead product candidate (which had been planned to start by mid-2009), as well as the hiring of personnel and legal and consulting fees. The consolidated net loss for the quarter amounted to $2.6 million, or $0.01 per share, as compared to $1.2 million, or $0.01 per share, for the same quarter last year.
Financial Position
Cash, cash equivalents and temporary investments amounted to $1.4 million as of January 31, 2009, as compared to $4.6 million as at October 31, 2008.
On February 13, 2009, Haemacure, having failed to obtain adequate financing to maintain the level of its operations, implemented major cost cutting measures intended to provide the Company with a window of approximately 90 days in which to either arrange a bridge loan, obtain new financing, or sell or merge the Company. The Company has since retained PricewaterhouseCoopers Corporate Finance, Inc. to assist with the sale or merger of the Company.
"We have taken the necessary steps to lengthen our runway in these unprecedented financial and economic times. While these measures are difficult for all involved we have had tremendous support from our directors, employees, suppliers and business partners. I am encouraged by the number of industry members that have come forward and demonstrated an interest in exploring some form of relationship that could lead to a sale, merger or financing", saidJoseph Galli Chairman & CEO of Haemacure.
