Monday, January 11, 2010

Haemacure Files For Bankruptcy

MONTREAL — Medical technology developer Haemacure Corp. (TSX:HAE) has filed for bankruptcy in both U.S. and Canadian courts.
Haemacure's board of directors made the decision after the company was unable to raise financing to help it emerge from a growing financial burden, the Montreal-based company said Monday.
It made the bankruptcy filings under Canada's Bankruptcy and Insolvency Act and Chapter 11 of the U.S. bankruptcy code after stock markets closed on Friday.
"The Board of Directors considers these measures to be in the best interests of Haemacure, its shareholders and creditors," the company said in a release.
"The board made this decision after thorough consultation with its professional advisers, both in Canada and the United States, and extensive consideration of all possible alternatives."
Haemacure also announced Monday that Marc Paquin has resigned from his role as director.
Fellow medical device maker Angiotech Pharmaceuticals Inc. (TSX:ANP) will act as a secured creditor, and had agreed to provide financing for both the insolvency proceedings and Haemacure's daily operations for up to $1 million, the company said.
Angiotech and Haemacure partnered last year to develop Haemacure's all-human fibrin sealant and thrombin products, for use in surgeries and other medical procedures.
Last Wednesday, Haemacure received notice that it would be delisted from the Toronto Stock Exchange at the close of trading on Feb. 5, after failing to meet the TSX's continued listing requirements related to its financial condition

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