Results
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Revenues amounted to $31,674, as compared to $31,409 for the same quarterlast year. Revenues are exclusively derived from the sale of our fibrinsealant application devices. Operating expenses amounted to $869,822, ascompared to $741,205 for the same quarter last year. The increase is mainlyattributable to stock-based compensation resulting from option grants andincreased business development and investor relations activities. Theconsolidated net loss for the quarter amounted to $856,879, or $0.01 pershare, as compared to $724,163, or $0.02 per share, for the same quarter lastyear.
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"We continue to accomplish the turnaround of the company to make it anindependent player with next generation, high-value products", said Mr. JosephGalli, Chairman and Chief Executive Officer of Haemacure. "We are implementinga strategy to hasten the initiation of the Phase III clinical trials for ourlead product candidate, the Hemaseel(R)HMN fibrin sealant We are alsoassessing alliances with strategic partners that may result in much widerfields of use for our fibrin sealant. To that end, we will soon deliver tothese potential partners small volumes of our fibrin sealant for evaluation",concluded Mr. Galli.
Financial Position
Cash and cash equivalents and temporary investments stood at $8.3 millionas of July 31, 2007, as compared to $519,300 as at October 31, 2006.
Other
Pursuant to an agreement entered into in 2002, CSL Behring AG ("CSL") isobligated to pay to Haemacure the sum of US$4.5 million upon Haemacureachieving certain milestones related to its Hemaseel project. On August 20,2007, CSL advised Haemacure of its opinion that it is no longer obliged to paythis sum. Haemacure disputes the position of CSL and will aggressively defendits right to the future payment of this sum. This has no impact on Haemacure'scurrent financial situation.
About Haemacure
Haemacure Corporation is a specialty bio-therapeutics company developinghigh-value human therapeutic proteins for commercialization. Haemacure'sresearch and development effort is driven by its proprietary plasma proteinextraction technology to develop next-generation products, including surgicalhemostats.
Haemacure's lead product candidate, Hemaseel(R)HMN, is a human-derivedfibrin sealant in late-stage clinical development. Haemacure's second productcandidate is human thrombin, a component of its fibrin sealant. Bothcandidates have applications in the expanding bio-surgical market. Follow-ondevelopment will focus on surgical hemostats, bio-material combinations anddrug delivery in select therapeutic areas. Haemacure has recently discoveredadditional specialty proteins in its plasma-derived intermediates and willadvance these specialty proteins through partnerships with pharmaceutical andbiotechnology companies.
Forward-looking Statements
Certain of the statements contained in this news release may beforward-looking statements. Such statements, based as they are on the currentexpectations of management, inherently involve numerous risks anduncertainties, known and unknown. Some examples of known risks include, butare not limited to the following: the impact of general economic conditions,general conditions in the biotech industry, results and outcomes ofHaemacure's clinical trials, changes in the regulatory environment in thejurisdictions in which Haemacure Corporation does business, stock marketvolatility, fluctuations in costs, and changes to the competitive environmentdue to consolidation or otherwise. Consequently, actual future results maydiffer materially from the anticipated results expressed in theforward-looking statements. Haemacure Corporation disclaims any intention orobl
