Haemacure Corporation (Haemacure), a wound care management company, has reported revenues of CAD19,226 for the first quarter of fiscal 2009, compared with the revenues of CAD24,674 in the year-ago quarter. It has reported a consolidated net loss of CAD2.6 million, or CAD0.01 loss per share, for the first quarter of fiscal 2009, compared with the consolidated net loss of CAD1.2 million, or CAD0.01 loss per share, in the year-ago quarter.
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.
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”, said Joseph Galli Chairman & chief executive officer of Haemacure.