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.

CPC Pursues Development of Proprietary Synthetic Sealants as part of MedClose(TM)

CPC of America, Inc. (OTC Bulletin Board: CPCF.OB), a company focused on the development of therapeutic devices that enhance the quality of patient care in endovascular procedures, announced today that it is actively pursuing the development of proprietary polyethylene glycol (PEG) synthetic sealants as part of its global commercialization strategy for MedClose(TM). MedClose(TM) is an investigational-stage vascular closure system that is intended to seal arterial puncture sites following diagnostic or interventional catheterization procedures.

CPC will develop synthetic PEG sealants as platform technologies for the MedClose(TM) vascular closure system using ultra-pure functionalized, biocompatible and biodegradable polymers. The sealants will have adjustable physical properties, making it possible to 'fine tune' the gel time and strength for varied clinical applications. The proprietary compounds will be sourced from multiple suppliers, providing flexibility and accessibly for global commercialization and cost savings.

"PEG sealants have been found to have notable advantages to other surgical sealants," notes Dr. Olexander Hnojewyj, a medical advisor to CPC who has conducted extensive research and secured multiple patents and patent applications related to vascular closure sealants. Because PEG sealants are purely synthetic, they carry no risk of transmission of viral pathogens or prions. They are also shown to result in less swelling and inflammation than fibrin sealants, are easy to apply, and report consistently good hemostatic results(1).

"With our synthetic sealant strategy and the combined expertise and experience of our medical, technical and research team, we are well positioned to secure global commercialization of the MedClose(TM)," says Rod Shipman, President and CEO of CPC of America. "We anticipate clinical investigation for multiple indications, which may include sealing of femoral arteriotomy closures, biopsies and vertebral bodies following transpedicular interventions. They may also include the sealing of difficult-to-control bleeding sites during surgery - such as cardiac, lung, liver, pancreas, and OB/GYN procedures."

About CPC

CPC of America develops therapeutic devices for use in endovascular procedures. CPC's current focus is the completion of development and testing of the MedClose(TM) vascular closure system, an internal puncture-closing system for use in catheter laboratories.

Zymo webcast

ZymoGenetics, Inc. (NASDAQ:ZGEN), announced today that Douglas E. Williams, Ph.D., Chief Executive Officer, will provide an update on company activities at the Invest Northwest 2009 Conference in Seattle on Wednesday, March 18, 2009, at 10:30 a.m. Pacific Time.

A live webcast of the presentation can be accessed by going to: www.zymogenetics.com. The webcast will be archived for 30 days.

VOTE NOW !!!! Will the Feb. '09 vCJD scare in the UK affect your consideration of using a human or bovine sourced hemostat or sealant?

Currently I am offering 3 polls for open voting, if you are interested in offering an opinion I Thankyou! I will publish results later in the year, upon poll closure.

All Polls are located in the "side-bar". 

Thankyou and..............

As always I am available at hemostatguy@gmail.com

Thanks, HG

Irish Create Helpline Over Mad Cow fears

IRELAND - THE DISCOVERY that a haemophiliac who died in Britain last year had evidence of variant CJD or vCJD infection has led to just over 30 people ringing a helpline specifically set up to respond to the issue. The helpline was aimed at people who had received UK-derived plasma products or had concerns about blood products they received. Two information meetings were held in Dublin and Cork at the weekend to further allay concerns and were attended by a handful of people. It emerged two weeks ago that the elderly man, who did not die from vCJD, was infected from a UK plasma-derived product known as Factor VIII. Haemophilia and related bleeding disorders are caused by a lack of clotting factors and are treated by products containing clotting factor concentrate such as Factor VIII. Since the late 1990s, Ireland has been using a synthetic clotting concentrate. On hearing the details of the man’s death, the National Haemophilia director Dr Barry White and the Irish Haemophilia Society’s Brian O’Mahony wrote to the 50 Irish patients who had received UK plasma-derived products to inform them of developments. Only two of those had received a product that was subsequently identified as being at risk of vCJD. Thousands of people in the UK have received products where some of the donors developed vCJD, but none of the recipients have developed symptoms. There have been 167 cases of vCJD in the UK and four in Ireland since the link between eating infected meat and a new variant of CJD was made in the mid-1990s. Some nine people who died of vCJD in the UK had donated blood for the manufacture of clotting factor concentrates.

Orthovita Board of Directors Elects William Tidmore Chairman of the Board

The Board of Directors of Orthovita, Inc. (NASDAQ: VITA) has named William Tidmore Chairman of the Board of the Company effective March 3, 2009, following the resignation on March 1, 2009 of David Fitzgerald as Chairman of the Board and a director of Orthovita.

Mr. Tidmore has served as a member of Orthovita’s Board of Directors since 2007 and has over 20 years of experience in the spine and orthopedic industry. He was formerly President and Chairman of DePuy Acromed, as well as President of DePuy, which was acquired by Johnson & Johnson in 1999. Mr. Tidmore held various senior management positions during his tenure of over 14 years with Depuy, including leadership roles for international businesses with direct operational responsibilities across Europe, Latin America, Japan and Canada. Prior to that, Mr. Tidmore held several management positions at Ethicon, Inc., including Vice President of Sales and Marketing in Canada.

Mr. Fitzgerald, who had served since 2003 as Orthovita’s Chairman of the Board and as a member of the Board of Directors of ArthroCare Corp. (OTC:ARTC.PK), submitted his resignation to the Company due to his recent appointment as Acting President and Chief Executive Officer of ArthroCare. His decision to resign from Orthovita’s Board was based on the change in his role at ArthroCare to a senior executive, in recognition of the time commitment and possible business conflicts associated with this position.

“Dave has been an outstanding Chairman at Orthovita who has played an important role in the Company’s success throughout the years,” said Antony Koblish, President and Chief Executive Officer of Orthovita. “Under his guidance, Orthovita significantly increased sales, completed several key equity and debt financings, acquired marketing rights for two hemostasis products and made substantial progress in product development. We appreciate Dave’s contributions and he will be missed. We look forward to solid leadership from Bill Tidmore and the contributions that his extensive experience in the orthopedic and spine industry will bring.”

King Pharmaceuticals Reports Year-End and Fourth-Quarter 2008 - Edited

King Pharmaceuticals, Inc. (NYSE:KG) announced today that total revenues equaled $1.57 billion during the year ended December 31, 2008, compared to $2.14 billion for 2007. In connection with its acquisition of Alpharma Inc. on December 29, 2008, King recorded a special charge in the amount of $590 million for acquired in-process research and development during the fourth quarter and year ended December 31, 2008. As result of this special charge, King reported a net loss of $333 million and a diluted loss per share of $1.37 during the year ended December 31, 2008, compared to net earnings of $183 million and diluted earnings per share of $0.75 during the prior year. Excluding special items, net earnings equaled $304 million and diluted earnings per share equaled $1.24 for the twelve months ended December 31, 2008, compared to net earnings of $476 million and diluted earnings per share of $1.95 in 2007.

THROMBIN-JMI(R) (thrombin, topical, bovine, USP) net sales totaled $57 million during the fourth quarter and $255 million for the year ended December 31, 2008, compared to $69 million during the fourth quarter and $267 million during the twelve months ended December 31, 2007. Net sales of THROMBIN-JMI(R) during 2008 were affected by a higher level of discounting due to increased competition. 

King will conduct a webcast today which may include discussion of the Company's marketed products, pipeline, strategy for growth, financial results and expectations, and other matters relating to its business. The Company will also discuss some specific highlights of Alpharma's financial results for the fourth quarter and full year 2008. Interested persons may listen to the webcast on Thursday, February 26, 2009, at 11:00 a.m., E.S.T., by clicking the following link to register and then joining the live event with the same URL:

http://www.kingpharm.com/web_casts.asp 

Hemcon Expands Hemostasis Line

Hemcon announced Tuesday that its flexible hemostatic dressing HemCon Patch is now available for clinical settings. The dressing can be used for external, temporary control of bleeding during interventional and diagnostic cardiac catheterization, interventional radiology, electrophysiology and dialysis access procedures. Portland-based HemCon said offering diagnostic and interventional patients a quick, safe and comfortable post-procedural experience, the HemCon Patch delivers a flexible hemostatic solution where rapid arterial hemostasis is critically important to ensure quality care and safety. It reliably and quickly stops bleeding, minimizes risk of artery damage and frees up medical personnel. As one of the only hemostatic products to obtain an FDA antibacterial barrier claim, the HemCon Patch provides a barrier against a wide spectrum of micro-organisms, including methicillin-resistant Staphylococcus aureus (MRSA), Enterococcus faecalis (VRE) and Acinetobacter baumannii.

Thousands exposed to infection through clotting products

Thousands of patients with the bleeding disorder haemophilia have been exposed to successive viruses through treatment with clotting products made from donor blood and 1,757 have since died.

An independent inquiry, chaired by former solicitor general Lord Archer of Sandwell, is due to report on Monday into the contamination of blood and products made using blood.

In the 1970s and 1980s blood derivatives were sourced from within the UK and from the USA where donors were paid and often funded their drug habit through the payments. Blood was later found to be infected with Hepatitis C and later HIV and thousands became infected through using the products.

Successive governments have failed to acknowledge any fault and compensation has so far been limited to 'ex gratia payments', Lord Archer of Sandwell said at the opening of the inquiry in March 2007.

The inquiry is expected to recommend that further compensation payments be made to those who have contracted viruses and the families of those who have since died.

The report will also point to the new danger to haemophiliacs of vCJD as they may have been given products contaminated with the human form of mad cow disease before the 1998 ruling that all clotting factors should be sourced from outside the UK.

Earlier this week the Health Protection Agency confirmed the death of the first haemophiliac to have contracted vCJD from contaminated blood although this did not cause his death. The donor died six months after giving blood in 1996.

All patients with bleeding conditions were told in 2004 that they were at risk of having contracted vCJD from contaminated products that were administered between 1980 and 2001.

The inquiry was set up by Lord Morris of Manchester, who is president of the Haemophilia Society, who has fought for better treatment of patients infected with contaminated blood products for a number of years.

Former health minister Dr Lord Owen has given evidence along with patients, doctors and advocates.

In 1998 the Department of Health announced that plasma for clotting factors would be sourced from outside the UK and synthetic products were introduced for all patients in Scotland and Wales, but these were restricted to children under 16 only in England.

One of the patients who contracted hepatitis C through infected products, campaigner Peter Mossman, said: "I hope the inquiry will draw a line under this. We are all tired and what it over with."

The patients gave evidence that they have faced financial hardship since becoming infected with many becoming too ill to work and they have argued they cannot get health insurance because of their condition.

 

Cryolife edited - Q4

BioGlue surgical adhesive revenues were $12.1 million for the fourth quarter of ’08 compared to $11.5 million for the fourth quarter of ’07, an increase of 5%. This increase was primarily due to an increase in average selling prices, which increased revenues by 5% and a 3% increase in the number of BioGlue milliliters that shipped which increased revenues by 2%, offset by the unfavorable impact of foreign exchange which reduced revenues by 2%.

BioGlue revenues were a record $48.6 million for the full year of ’08, compared to $43.9 million for the full year of ’07, an increase of 11%. This increase was due to an increase in average selling prices, which increased revenues by 6% and a 5% increase in the number of BioGlue milliliters shipped, which increased revenues by 5%.

Also during the fourth quarter, we saw little push back on pricing for customers, again, due to current economic conditions and the resulting budgetary pressures of hospitals. Additionally, we saw a continuing strengthening of the dollar versus the British pound and the euro. For the full year of 2008 we generated $3.2 million in revenues, denominated in euros and $1.4 million in revenues denominated in British pounds. If the dollar continues to strengthen against the euro and pound we would expect this to have an adverse affect on our 2009 forecast revenues and gross margin. Additionally, it will be more expensive for our foreign customers who purchase product from us in US dollars. We expect that these factors, along, along with the growing contribution of Hemostase, which has a gross margin in the upper 50% range, will cause margins to decrease slightly during 2009.

We expect total revenues for the full year of ’09 to be between $113 and $119 million. We expect tissue processing revenues to be between $58 and $60.5 million and BioGlue revenues to be between $50 and $52 million for the full year of ‘09. Other medical device revenues, which consist primarily of sales of Hemostase, are expected to be between $4.5 and $4.5 million in ’09.

Other revenues for ’09 may reach between $0.5 and $1 million related to funding received from the Department of Defense in connection with the development of BioFoam. The amount of other revenues is largely dependant upon actual expenses incurred related to the development of BioFoam.