By Devika Patel
Knoxville, Tenn., May 4 - Haemacure Corp. said it has entered into a term sheet with Angiotech Pharmaceuticals, Inc. for a $2.5 million bridge loan. Angiotech has already advanced $200,000 to Haemacure.
The loan will be convertible into other securities in certain circumstances.
Settlement is expected May 31.
Haemacure expects that the bridge loan will enable it to operate for approximately 10 months to a year.
Montreal-based Haemacure develops biological adhesives, biomaterials and surgical devices for the surgical wound care market.
| Issuer: | Haemacure Corp.
|
| Issue: | Bridge loan
|
| Amount: | $2.5 million
|
| Warrants: | No
|
| Announcement date: | May 4
|
| Settlement date: | May 31
|
| Stock symbol: | Toronto: HAE
|
| Stock price: | C$0.025 at close May 1
|
| Market capitalization: | C$9.28 million
|
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