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.

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

Medical technology developer Haemacure to be delisted from TSX

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.

Haemacure presentation

MONTREAL, Sept. 14 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE) reported today on current activities and released the financial results of its third quarter endedJuly 31.
Current Activities
Haemacure and Angiotech Pharmaceuticals, Inc. started work pursuant to the strategic collaboration entered into inJune 2009, including the shipment of product to Angiotech. This collaboration provides Angiotech with license, distribution and supply rights for Haemacure's all-human fibrin sealant and thrombin products, both of which are in development.
Haemacure is actively preparing for the pivotal phase II/III clinical trials for its fibrin sealant and is seeking additional financing.
"We are very pleased with the strategic collaboration Haemacure entered into with Angiotech, which provides liquidity and an important validation of our company and its product candidates." said Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "In addition, we are in discussion with other parties who need fibrin sealant and thrombin to enable their products." concluded Mr. Galli.
Financial Position
Cash, cash equivalents and investments amounted to$336,598 as at July 31, 2009, as compared to $4.6 million as at October 31, 2008. Haemacure estimates that it has cash, and access to liquidity as a result of the transaction with Angiotech, to enable it to operate until the end of calendar year 2009.
Results
Revenues amounted to $15,390, as compared to $25,593 for the same quarter last year. Revenues were exclusively derived from the sale of legacy fibrin sealant application devices. Operating expenses amounted to $824,634, down from $2 million for the same quarter last year. The decrease was mainly attributable to foreign exchange fluctuation and the major cost cutting measures implemented in February 2009 to preserve cash. The consolidated net loss for the quarter amounted to $798,852, or nil per share, as compared to $2 million, or $0.01 per share, for the same quarter last year.

Haemacure announces its presentation at the Rodman Renshaw 11th Annual Healthcare Conference

MONTREAL, Sept. 8/PRNewswire-FirstCall/ - Haemacure Corporation (TSX:HAE), a specialty bio-therapeutics company, announces that its Chairman and CEO, Mr. Joseph Galli, will present at the Rodman Renshaw 11th Annual Healthcare Conference onSeptember 9, 2009 at 2:00 p.m. at the New York Palace Hotel in New York.
The presentation will be live by webcast at http://www.wsw.com/webcast/rrshq15/hae.to. Please visit the site at least five minutes prior to start time for instructions.

Angiotech Enters License, Distribution and Supply Agreements for Fibrin and Thrombin Technologies with Haemacure Corporation

Angiotech, a specialty pharmaceutical and medical device company, announced today the completion of a collaboration transaction with Haemacure Corporation (TSX:HAE), a specialty bio-therapeutics company, relating to certain of Haemacure's proprietary fibrin and thrombin technologies, both of which are currently in development.

As part of this collaboration, Angiotech has agreed to provide to Haemacure a senior secured bridge financing facility in the amount of US$2.5 million, with the option for Angiotech to invest an additional US$1 million in the facility.

"Our new collaboration with Haemacure provides Angiotech with access to critically important technology for certain of our surgical product candidates currently in preclinical development," said Dr. William Hunter, President and CEO of Angiotech. "We believe we have assembled the majority of the key components necessary to deliver on the next generation of innovations, adding to our proprietary Quill SRS franchise for our surgical business, and we will provide additional details as we prepare certain of these product candidates for the clinical development and regulatory approval process.The collaboration will consist principally of the following three agreements:
- Fibrin Sealant Distribution Agreement. The parties have entered into a Distribution Agreement whereby Angiotech is granted non-exclusive,world-wide distribution rights to Haemacure's fibrin sealant product candidate in selected surgical indications. The distribution agreement has a term on a country-by-country and product-by-product basis of 10 years from the date Haemacure receives United States Food and Drug Administration (FDA) approval or similar regulatory approval in countries outside of the United States of its fibrin selant, and has an option for Angiotech to renew for an additional five years, subject to certain performance adjustments. Any fibrin sealant product would be marketed and distributed by Angiotech's surgical sales organization upon regulatory approval. Haemacure will be responsible for all clinical development and related costs with respect to fibrin sealant product candidates.
- Drug-Loaded Fibrin Sealant License and Development Agreement. The parties have entered into a License and Development Agreement whereby Haemacure and Angiotech have agreed to jointly develop and commercialize a next generation, drug-loaded fibrin sealant product candidate. Angiotech and Haemacure will collaborate to create novel fibrin sealant technologies that, in addition to the haemastatic properties offered by the fibrin sealant itself, may target the prevention of infection, pain, or delivery of stem cells using Haemacure's fibrin sealant as a carrier of such therapies. The companies will jointly conduct research and clinical development, with each party contributing key personnel, technology and intellectual property. Collaboration costs will be shared based on each company's contribution to the program, and eventual profits will be shared pro-rata based on each company's contribution to collaboration expenses. This term of the agreement will expire on a collaboration product-by-collaboration product basis upon the later of 15 years after the first commercial sale of such collaboration product, and the last-to-expire valid claim applicable to such collaboration product.
- Thrombin Supply Agreement. The parties have entered into an exclusive Supply Agreement whereby Haemacure will supply thrombin to Angiotech for the development of certain Angiotech preclinical product candidates that may require thrombin. The Supply Agreement has a term of 10 years from the first commercial sale of an approved Angiotech product containing thrombin procured from Haemacure, and has an option for Angiotech to renew for an additional five years. The senior secured bridge loan from Angiotech to Haemacure will provide US$2.5 million to Haemacure in multiple drawdowns. The loan will be senior to all of Haemacure's existing and future indebtedness, subject to certain exceptions; will bear interest at an annual rate of 10%, compounded quarterly and have a term of two years. Angiotech may, at its sole discretion, advance during a period of two years up to an additional US$1 million to Haemacure from time to time, in multiple draw-downs, for a total loan of US$3.5 million. The senior secured bridge loan also has certain equity conversion features and rights to board representation, as described in detail in Haemacure's press release dated May 22, 2009

TSX Delisting Review - Haemacure Corporation (HAE)

TSX is reviewing the common shares of the Company with respect to meeting the continued listing requirements. The Company has been granted 150 days in which to regain compliance with these requirements, pursuant to the Remedial Review Process.

Haemacure Signs Term Sheet for Proposed Collaboration and Bridge Financing

Haemacure Corporation (TSX:HAE), a Montreal-based specialty bio-therapeutics company, announces that it has entered into a term sheet with Angiotech Pharmaceuticals, Inc. of Vancouver (NASDAQ:ANPI, TSX:ANP) for a senior secured bridge loan from Angiotech in the amount of US$2.5 million. Haemacure expects that the bridge loan will enable it to operate for a period of approximately ten to twelve months from the date of the closing of the loan. The bridge loan will be convertible into Haemacure securities in certain circumstances.     "This is great news for Haemacure. We look forward to closing this bridge financing and collaborating with Angiotech" said Joseph Galli, Chairman and CEO of Haemacure.     The term sheet provides that the closing of the bridge loan is expected to take place by May 31, 2009. Completion of the transaction is conditional on standard closing conditions, including negotiation and execution of loan and security documentation and related collaboration agreements between Haemacure and Angiotech. Haemacure can give no assurance that the various closing conditions will be satisfied or that the transaction will close. In connection with the bridge loan, Angiotech has advanced US$200,000 to Haemacure. 

Haemacure Reports First Quarter 2009 Results and Hires Advisor for the Sale or Merger of the Company

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.

Haemacure announces intention to restructure, sell company

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.

Haemacure more than doubles full-year loss to $8.8 million as revenue falls

Biotechnology developer Haemacure Corp. (TSX:HAE) said Wednesday it would need to seek additional financing after reporting a drop in revenue and a fiscal 2008 loss that doubled from year-earlier levels.
The Montreal-based company said its 2008 loss grew to $8.8 billion or five cents a share, up from $4 million or three cents a share recorded in 2007.
Haemacure said revenue slipped to $96,571 for the fiscal year ended Oct. 31, 2008. Revenue was down from the $119,704 reported the previous year.
"Haemacure is financing its current activities with the proceeds of the $7.8 million generated through the exercise in June 2008 of warrants issued as part of the private placement it completed in January 2007, and will require additional financing in the near term to support its operations," the company said in a statement.
The private placement was expected to allow Haemacure to get its fibrin sealant into clinical trials in the first quarter of 2009.

Haemacure Confirms Effectiveness of its Fibrin Sealant in Second Preclinical Study

Haemacure Corporation (TSX : HAE), aMontreal-based specialty bio-therapeutics company developing high-value human plasma-derived protein products for commercialization, disclosed today the positive results of a second preclinical study conducted on the use of its proprietary lead product candidate, the human fibrin sealant Hemaseel(R)HMN,in preventing the formation of post-surgical adhesions in a bleeding surgical model. The study compared Haemacure's fibrin sealant to untreated controls, andto two major FDA-approved adhesion prevention products: Interceed(TM)Absorbable Adhesion Barrier (Ethicon) and Seprafilm(R) Adhesion Barrier(Genzyme). Use of Haemacure's fibrin sealant in the presence of blood resulted in a statistically significant reduction in the incidence, extent and severityof adhesions, as compared to the untreated control group. Haemacure's fibrin sealant also was statistically significantly more effective than both Interceed and Seprafilm. For example, the extent of adhesions in both the untreated and Seprafilm groups was three times (54.2%) that in the Haemacure'sfibrin sealant group (18%). It was even higher, four times, in the Interceed group (71.7%). Liquid fibrin sealants, such as Haemacure's, are much easier toapply to treatment sites than adhesion barriers such as Interceed. They also lend themselves to laparoscopic application much better than these types of barriers. This second study, conducted in July 2008, confirms and extends previous pre-clinical results demonstrating the effectiveness of Haemacure's fibrin sealant in adhesion prevention, using its current haemostasis formulation. Theprevious study, conducted in April 2008, also demonstrated that the use of Haemacure's fibrin sealant resulted in a statistically significant reductionin the incidence, extent and severity of adhesions, as compared to untreated controls. Both studies were designed to evaluate the efficacy of Haemacure's fibrin sealant in a rabbit uterine horn abrasion model. The previous studyused a model where bleeding was absent or minimal. "We are very excited with the results of this latest study, as it opens a new market with a significant unmet medical need and allows Haemacure to leverage its technology, past clinical data and experience in a timelymanner", said Joseph Galli, Chairman and CEO of Haemacure. The use of Haemacure's current fibrin sealant haemostasis formulation for adhesion prevention could significantly accelerate time to market for this indication, by three to five years. This reduced timeframe accelerates Haemacure's ability to address a significant unmet medical need with a potential additional indication for its fibrin sealant. Post-surgical adhesions are estimated to cost the U.S. healthcare system in excess of$2.1 billion annually. The U.S. market for adhesion prevention products in gynaecological surgery is estimated today at $100 million and could grow toUS$150-$200 million in fibrin sealant sales.

Haemacure posts wider loss in Q3 - Update

Haemacure Corp. , a specialty bio-therapeutics company, reported Tuesday a wider net loss for the third quarter on lower revenue and higher operating expenses. The Montreal, Quebec-based company reported a net loss of C$2.0 million for the third quarter, wider than net loss of C$856 thousands in the same quarter last year. On a per share basis, the loss was flat year-over-year at C$0.01. Quarterly revenues declined to C$25 thousands from C$31 thousands in the previous year, reflecting the changes in the Canadian/US dollar exchange rate. The major source of revenues was from the sale of legacy fibrin sealant application devices. Operating expenses increased to C$2.0 million from C$869 thousands in the preceding year due to salaries and benefits for increase in personnel, purchase of supplies and raw material for the production of fibrin sealant, and clinical trials-related activities. As of July 31, the company had cash, cash equivalents and temporary investments of C$7.7 million. During the quarter, the company completed the construction phase of its manufacturing facility and started plasma processing in the unit. The company said that plasma processing is in line with expectations, and anticipates commercial launch of the product on the U.S. market at the beginning of 2011.In addition, Haemacure said it was carrying out development activities for expansion of its lead product candidate, human fibrin sealant, beyond its primary haemostatic and tissue sealant function.

Haemacure Raises $7.8 Million and is Fully Funded Beyond First-Patient-In-Clinic

MONTREAL, June 16 /CNW Telbec/ - Haemacure Corporation (TSX : HAE), a Montreal-based specialty bio-therapeutics company developing high-value humanplasma-derived protein products for commercialization, announces that it has raised $7.8 million through the exercise of amended Series B warrants and broker warrants issued as part of the private placement concluded in January 2007.

"I sincerely thank our shareholders who demonstrated their strong supportby exercising their warrants. We now have the financial resources to execute on all of the necessary milestones to get our fibrin sealant into the clinicin Q1-09. This financing significantly reduces the financial risk. All of ourtime and attention will be focused on execution and getting a green light from the FDA to enter clinical trials." said Joseph Galli, Chairman and CEO ofHaemacure.

Haemacure Achieves Major Milestone - Starts Processing Plasma in Its New Fractionation Facility

MONTREAL, June 4 /CNW Telbec/ - Haemacure Corporation (TSX : HAE), aMontreal-based specialty bio-therapeutics company developing high-value humanplasma-derived protein products for commercialization, announces that it has started processing plasma in its new fractionation facility for the production of its proprietary all-human fibrin sealant for pivotal Phase II/Phase IIIclinical trials, leading to commercial launch. Haemacure has reached an important milestone this week with the commencement of plasma fractionation in its new manufacturing facility.Haemacure also confirms that it is on schedule and on budget to produce clinical material during the third quarter of 2008 and file an amendment to its existing IND with the U.S. Food and Drug Administration during the fourth quarter of 2008, in order to begin clinical trials in the first quarter of2009. The new fractionation facility incorporates the Hynetics(R) single-use bio-processing plastic containers technology, which has resulted in significant savings in capital expenditures and will also result in significant savings in operating costs, as compared to a stainless steel facility. The use of this technology also minimizes the risks of cross-contamination between production batches. "Now that our fractionation facility is operational and that we have started processing plasma, Haemacure is truly engaged in its transformation from a development to a manufacturing company." said Joseph Galli, Chairmanand CEO of Haemacure. "The upcoming availability of clinical material willenable Haemacure to pursue its clinical plans in hemostasis and to expand into additional indications, such as adhesion prevention." concluded Mr. Galli.

Haemacure Reports on Financing Progress

MONTREAL, June 2 /CNW Telbec/ - Haemacure Corporation (TSX : HAE), a Montreal-based specialty bio-therapeutics company developing high-value humanplasma-derived protein products for commercialization, provides financing update and reports on second quarter results. Financing As a result of the commitments Haemacure has received to-date from key shareholders to exercise their Series B warrants, the Corporation is wellpositioned to meet its objective of commencing the fibrin sealant pivotalPhase II/Phase III clinical trials. The Corporation remains on schedule and onbudget with the construction of its manufacturing facility. "We are very appreciative and encouraged by the strong support we have received from our major shareholders, Firebird Management and PinetreeCapital, as demonstrated through the exercise of their Series B warrants."said Joseph Galli, Chairman and CEO of Haemacure. "This support, coupled with the recent addition of Reinaldo Diaz to our Board of Directors and the hiring of senior managers at our facility, are elements of our value creation strategy that will make Haemacure a significant player on the global scale."concluded Mr. Galli.

Reinaldo M. Diaz
Reinaldo Diaz has over 25 years of experience in the biopharmaceutical industry. Prior to joining Celtic Pharma, he was Managing Member and Co-Founder of D&A Capital Management, LLC (“D&A Capital”), a firm focused on asset management and providing advisory services to companies in the Healthcare sector, particularly biopharmaceutical companies. D&A Capital, through affiliated entities, managed the Delta Opportunity Funds (“Delta”), a group of hedge funds with over $100 million in assets under management.

Haemacure announces webcast of presentation at Rodman & Renshaw 5th Annual Global Healthcare Conference

Haemacure Corporation (TSX:HAE), aspecialty bio-therapeutics company developing high-value human proteins forcommercialization, announced today that its Chairman of the Board and ChiefExecutive Officer, Joseph Galli, will present at the upcoming Rodman & Renshaw5th Annual Global Healthcare Conference on Tuesday, May 20, 2008.

To access the broadcast via internet inlisten-only mode, or the subsequently archived recording, simply cut and pastethe following link directly into your web browser:

http://www.wsw.com/webcast/rrshq13/hae.cn

Haemacure Fibrin Market Comparison (featured key slides click to enlarge).

CLICK IMAGE TO ENLARGE

Haemacure Full Investor presentation with Audio available HERE

Haemacure Announces Webcast of Presentation at the Biotech/Pharma/Healthcare Investor Forum

Haemacure Corporation (TSX:HAE), a Montreal based specialty bio-therapeutics company developing high-value human proteins for commercialization, announced today that its Chairman of the Board and Chief Executive Officer, Joseph Galli, will present at the upcoming Biotech/Pharma/Healthcare Investor Forum on Thursday, May 15th, 2008 at 12:30 Eastern Daylight Time.The Investor Forum will webcast the audio portion of the presentation and post the associated slides via its website at www.investorcalendar.com/ClientPage.asp?ID=129757, hosted by PrecisionIR. To access the live broadcast via internet in listen-only mode, or the subsequently archived recording, simply cut and paste the abovementioned link or http://www.investorcalendar.com/ directly into your web browser.
Source marketwire.

Haemacure Reveals Positive Results Of Preclinical Study Of Fibrin Sealant In Adhesion Prevention

Haemacure Corp. (HAE.TO) on Thursday revealed the results of a preclinical study it recently conducted on the use of its proprietary lead product candidate, the human fibrin sealant HemaseelHMN, in preventing the formation of post-surgical adhesions. In preclinical testing, Hameacure's fibrin sealant was found to be significantly superior to the control group in preventing the formation of post-surgical tissue adhesion. It was also found to be superior to historical data disclosed in published literature for GYNECARE INTERCEED Absorbable Adhesion Barrier, marketed by Ethicon, Inc. The company said the preclinical results are strategically significant as Haemacure's current fibrin sealant haemostasis formulation was used in this study. Initial analysis indicates that no change in the formulation or the manufacturing of Haemacure's fibrin sealant would be required to pursue an adhesion prevention indication. The company noted that the U.S. market for adhesion prevention products is estimated currently at $100 million and is expected to grow to US$150-200 milion in fibrin sales.