Haemacure Closes Purchase of Assets by Angiotech Pharmaceuticals

MONTREAL, April 7 /PRNewswire/ - Haemacure Corporation announces the closing of the purchase by Angiotech Pharmaceuticals, Inc. of substantially all its assets, consisting mainly of its two product candidates and the associated intellectual property and manufacturing plant. The transaction was entered into with authorization from competent courts in Canada and the United States under the Bankruptcy and Insolvency Act and Chapter 11 of the Bankruptcy Code respectively.

As previously announced, Haemacure filed last January a notice of intention to make a proposal to its creditors in Canada and sought court protection in the United States. Haemacure intends to make such proposal no later than April 19, 2010, as authorized by the court. The recovery of any sums by creditors and shareholders is uncertain.

SOURCE HAEMACURE CORPORATION