MONTREAL, June 1 /PRNewswire-FirstCall/ -- Haemacure Corporation (TSX : HAE) released today the results of its second quarter ended April 30, 2007.
Results
Revenues amounted to $24,757, as compared to $36,918 for the same quarter last year. Revenues are exclusively derived from the sale of fibrin sealant application devices HemaSyst(TM) and HemaMyst(TM). Operating expenses amounted to $1.3 million, as compared to $763,232 for the same quarter last year. The increase is mainly attributed to an increase in general and administrative expenses. The consolidated net loss for the quarter amounted to $1.3 million, or $0.01 per share, as compared to $741,327, or $0.02 per share, for the same quarter last year.
"As announced at our Annual Meeting of Shareholders on March 6 last, we have undertaken a turnaround of the Corporation aimed at maximizing shareholder value. We will do this by leveraging assets such as our plasma protein extraction and purification technology platform, the experience of the management team, the existing IND and our clinical experience." said Mr. Joseph Galli, Chairman and Chief Executive Officer of Haemacure. "This turnaround also includes the leveraging of high-value therapeutic proteins derived from our plasma discard, planned to be developed in partnership with pharmaceutical and biotechnology companies. I am excited with the progress made to date in the identification of these proteins, as well as with our business development activities. We will focus our efforts to see that these opportunities bear fruit. We have repositioned the company to focus on its strengths and to leverage our position as an independent player with next generation products", concluded Mr. Galli.
Financial Position
Cash and cash equivalents and temporary investments stood at $9.7 million as of April 30, 2007, as compared to $519,300 as at October 31, 2006.
About Haemacure
Haemacure Corporation is a specialty bio-therapeutics company developing high-value human therapeutic proteins for commercialization. Haemacure's research and development effort is driven by its proprietary plasma protein extraction technology to develop next-generation products, including surgical hemostats.
Haemacure's lead product candidate, Hemaseel(TM)HMN, is a human-derived fibrin sealant in late-stage clinical development. Haemacure's second product candidate is human thrombin, a component of its fibrin sealant. Both candidates have applications in the expanding bio-surgical market. Follow-on development will focus on surgical hemostats, bio-material combinations and drug delivery in select therapeutic areas. Haemacure has recently discovered additional specialty proteins in its plasma-derived intermediates and will advance these specialty proteins through partnerships with pharmaceutical and biotechnology companies.
Forward-looking Statements
Certain of the statements contained in this news release may be forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks include, but are not limited to the following: the impact of general economic conditions, general conditions in the biotech industry, results and outcomes of Haemacure's clinical trials, changes in the regulatory environment in the jurisdictions in which Haemacure Corporation does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. Haemacure Corporation disclaims any intention or obligation to update these statements.
Complete financial statements for the quarter ended April 30, 2007 are available on Haemacure's web site, http://www.haemacure.com/, and have been filed on Sedar.
Financial Highlights
(unaudited)
Quarters ended
April 30, April 30,
2007 2006
--------- ---------
Sales $24,757 $36,918
Gross profit $11,725 $21,905
Gross margin 47% 59%
Selling and marketing expenses - $13,883
General and administrative expenses $1,177,120 $540,702
Total expenses $1,313,800 $763,232
Net loss $(1,302,075) $(741,327)
Loss per share $(0.01) $(0.02)
Weighted average number of
shares outstanding 163,800,917 38,800,917
As at As at
April 30, October 31,
2007 2006
--------- -----------
Cash and cash equivalents $9,665,798 $78,300
Temporary investment - $441,000
Total assets $12,898,978 $2,696,198
Shareholders' equity $10,927,368 $981,381
