Cryolife withdraw Medafor offer

ATLANTA, GA…(March 24, 2010)…CryoLife, Inc. (NYSE: CRY), an implantable biological medical device and cardiovascular tissue processing company, announced today that it has withdrawn its $2.00 per share proposal to acquire Medafor, Inc. CryoLife previously notified the Medafor board of its intention to withdraw its offer in five business days. Based on the limited information that Medafor has made available to its shareholders, CryoLife continues to believe that the Medafor board’s stated strategic rationale for entering into the Magle transaction does not justify the significant dilution suffered by Medafor shareholders. “It is clear by the recent actions of Medafor’s board and management team that they are committed to entrenchment, even if it means further dilution and the destruction of shareholder value,” said Steven G. Anderson, CryoLife’s chairman, president and chief executive officer. “We continue to believe that Medafor is mismanaged and in poor financial condition. As Medafor’s largest shareholder, we are deeply concerned by Medafor’s recent statement that it currently holds only $1,000,000 in cash. We believe that Medafor’s limited capital is wholly insufficient to sustain the company’s growth and defend its intellectual property. Although we are withdrawing our offer, we intend to pursue all actions necessary to preserve the value of our investment.” “We encourage existing Medafor shareholders to continue to reach out to Medafor’s board and management team and voice their concerns. Based on our recent conversations with fellow Medafor shareholders, we believe many shareholders share our frustrations with Medafor’s actions and have deep concerns about the future of the company under its existing leadership,” concluded Anderson.

Medafor shareholders may continue to visit www.cryolife.com/medaforoffer for additional information about CryoLife and its thoughts on the appropriateness and effectiveness of Medafor’s management’s actions and the company’s performance and outlook.

Haemacure sale of assets to Angiotech clears another hurdle

March 22 (Reuters) - Haemacure Corp (HAEFQ.PK) said it received permission from the Superior Court of the Province of Quebec to sell its assets to Angiotech Pharmaceuticals Inc (ANP.TO), a secured creditor of Haemacure.
The Canada-based biotherapeutic company said the United States Bankruptcy Court had previously authorized the sale to Angiotech of the assets of Haemacure's U.S. subsidiary.
Haemacure also said it obtained a second extension, until April 19, within which to make a proposal to its creditors.
The extension will also allow Haemacure and Angiotech to complete the documentation required for the closing of the asset-sale transactions in Canada and the United States. The closings are expected to be held prior to the new expiry date of April 19.