Haemacure has been involved in proceedings under Canada’s Bankruptcy and Insolvency Act and Chapter 11 of the US Bankruptcy Code.

Through an asset sale transaction, Angiotech has acquired all of the relevant research and development activities, manufacturing operations, key personnel, and intellectual property rights necessary to pursue the commercialization of Haemacure’s human biomaterial product candidates, namely fibrin sealant and thrombin hemostat.

Angiotech said that the acquired fibrin sealant and thrombin hemostat product candidates have applications in a wide array of surgical specialties, including general and abdominal surgery, cardiothoracic and vascular surgery, gynecology and urology surgery and reconstructive and plastic surgery. In addition, the company believes that these biomaterials may be effective drug delivery vehicles.

Prior to its acquisition, the fibrin sealant has been studied in several clinical trials. The clinical data has demonstrated that the fibrin sealant is well tolerated in patients. Efficacy data has shown the fibrin sealant has potential as a hemostatic agent. As a result of the change of manufacturing facilities for the product candidates, additional phase III clinical testing will be required by the FDA, said the company.

At closing, Angiotech estimates to have funded approximately $1.5m in additional transaction-related expenses, which include the funding of Haemacure’s insolvency proceedings and day-to-day operations, legal fees and expenses. Angiotech expects that modest additional expenditures for research and development may be required in 2010, depending upon final decisions as to product development timelines and the operations and personnel of Haemacure’s manufacturing facility.

William Hunter, president and CEO of Angiotech, said: “We took an important step today by adding new technologies that will provide multiple new product candidates for our surgical business. We now have the capability to develop, manufacture and commercialize fibrin sealant, fibrinogen and thrombin-based biomaterials as competitive and compelling stand alone products, and the ability to develop drug-loaded versions of these biomaterials without relying on external suppliers.

“With these biologics assets and our proprietary Quill SRS product line, we believe we have formed a surgical franchise that can provide innovative products for patients and our physician customers, as well as strong revenue growth, for many years to come.”