MONTREAL — Medical technology developer Haemacure Corp. (TSX:HAE) says it has received notice that it will be delisted from the Toronto Stock Exchange at the close of market on Feb. 5.
The company said Wednesday that the delisting results from its failure to meet the TSX’s continued listing requirements related to its financial condition.
Haemacure said it doesn’t intend to appeal the decision “in light of its financial condition.”
Last summer, the Montreal-based company entered into a strategic collaboration with Angiotech Pharmaceuticals Inc. (TSX:ANP), which will provide Angiotech with license, distribution and supply rights related to Haemacure’s all-human fibrin sealant and thrombin products, for use in surgeries and other medical procedures.
Haemacure said at the time that US$2.5 million in bridge financing to be advanced by Angiotech would allow it to continue operations until the end of calendar 2009.
Shares of Haemacure gained half a cent or 50 per cent to 1.5 cents in Wednesday trading on the TSX.
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