Haemacure Provides Update on Fibrin Sealant Project and Reports Third Quarter Results

Haemacure Provides Update on Fibrin Sealant Project and Reports Third Quarter
Results

HAE:TSX

MONTREAL, Sept. 2 /PRNewswire-FirstCall/ - Haemacure Corporation (TSX : HAE),
a Montreal-based specialty bio-therapeutics company developing high-value
human plasma-derived protein products for commercialization, provides an
activity update and reports third quarter results.

Fibrin Sealant Project - Hemaseel(R)HMN

During the third quarter, Haemacure completed the construction phase of its
manufacturing facility, started processing plasma and began the validation of
the facility. In June, Haemacure raised $7.8 million of equity through the
exercise of warrants issued as part of the private placement completed in
January 2007. Haemacure has also begun clinical sites visits and, with
feedback from surgeons, is finalizing the protocol for the pivotal
Phase II/Phase III clinical trials for its fibrin sealant. A partnership and
collaboration strategy has been developed and the company is pursuing various
options. Haemacure is also pursuing follow-on development activities aiming to
expand the use of its lead product candidate, human fibrin sealant, beyond its
primary haemostatic and tissue sealant function.
Plasma processing is proceeding as planned and the product and production
process are meeting expectations. The validation and documentation phase has
proven more time and resource consuming than planned and Haemacure will
require more time to complete this phase. Additional resources are being
deployed to complete this phase and Haemacure expects that this delay will
move its first patient-in-the-clinic milestone by one quarter to calendar H1
2009 rather than Q1 2009. Haemacure anticipates commercial launch of the
product on the U.S. market at the beginning of 2011, in line with the
Corporation's previously announced guidance.
"I am very pleased with the progress we have made towards reaching our goal of
a commercial launch at the beginning of 2011. Haemacure's platform extraction
technology will provide very competitive advantages in terms of fibrin sealant
performance and cost, and will be exploited in the only fibrin sealant
manufacturing facility based in the United States for the U.S. market." said
Joseph Galli, Chairman and CEO of Haemacure. "Concurrent with getting back
into the clinic, we are focussing our efforts on partnering for the growing
potential applications for our fibrin sealant. I look forward to an exciting
next 12 months as we enter late stage clinical trials and partnering phases,"
concluded Mr. Galli.

Third Quarter Results

Revenues amounted to $25,593, as compared to $31,674 for the same quarter last
year. Revenues are exclusively derived from the sale of legacy fibrin sealant
application devices. The fluctuations in sales are mainly the result of
changes in the Canadian/US dollar exchange rate. Operating expenses amounted
to $2.0 million, as compared to $869,822 for the same quarter last year. The
increase is mainly attributable to salaries and benefits resulting from the
hiring of personnel, the purchase of supplies and raw material to begin plasma
fractionation to produce fibrin sealant, and clinical trials-related
activities.

Financial Position

Cash, cash equivalents and temporary investments amounted to $7.7 million as
of July 31, 2008, as compared to $7.6 million as of October 31, 2007. In June
2008, a number of the warrants issued as part of the $12.5 million private
placement completed in January 2007 were exercised, generating proceeds of
$7.8 million.

Net Loss

The consolidated net loss for the quarter was $2.0 million, or $0.01 per
share, up from a consolidated net loss of $856,879, or $0.01 per share, for
the same quarter last year.

About Haemacure

Haemacure Corporation is a specialty biotherapeutics company developing
high-value human plasma-derived protein products 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(R)HMN, is a fibrin sealant planned to enter pivotal Phase II/Phase
III clinical trials during the first half of 2009. Haemacure's second product
candidate is thrombin, a component of its fibrin sealant, now in preclinical
stage. Follow-on development will focus on the use of fibrin sealant in
aesthetics, adhesion prevention, skin graft fixation for burn injuries,
combination with biomaterials, drug delivery, regenerative medicine, surgical
hemostasis and wound healing. Haemacure has discovered eleven additional
specialty proteins and enzymes in one if its two plasma fractions and seeks to
advance these proteins and enzymes through partnerships with pharmaceutical
and biotechnology companies. Haemacure is headquartered in Montreal, Quebec,
and also operates offices in Sarasota, Florida through a wholly-owned
subsidiary. The Corporation is traded under stock symbol HAE on the TSX.

Forward-looking Statements

Certain of the statements contained in this news release are 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 are: the impact of general economic
conditions, general conditions in the biotech industry, changes in the
regulatory environment in the jurisdictions in which Haemacure 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 disclaims any intention or obligation to
update these statements.

Financial Highlights
(unaudited)

Quarters ended

July 31, 2008 July 31, 2007
------------- -------------

Sales $25,593 $31,674
Gross profit $14,268 $12,943
Gross margin 56% 41%
General and administrative
expenses $879,413 $734,286
Research and development expenses $978,680 $158,534
Other expenses $99,029 -
Total expenses $2,037,154 $869,822
Net loss $(2,022,886) $856,879
Loss per share $(0.01) $(0.01)
Weighted average number of shares
outstanding 186,418,348 163,800,917

As at As at
July 31, 2008 October 31, 2007
------------- ----------------

Cash and cash equivalents $2,381,988 $3,591,883
Temporary investment $5,272,174 $4,011,200
Total assets $14,964,397 $10,939,289
Shareholders' equity $11,847,527 $9,226,329

SOURCE HAEMACURE CORPORATION

Haemacure Corporation: Joseph Galli, Chairman and CEO, (514) 990-7074,
jgalli@haemacure.ca; Gilles Lemieux, Corporate Secretary, (514) 282-3350 x22,
glemieux@haemacure.ca; www.haemacure.com