Biopure Receives Notices About Nasdaq Listing Compliance
March 31 2009 - 3:00PM
PR Newswire (US)
CAMBRIDGE, Mass., March 31 /PRNewswire-FirstCall/ -- Biopure
Corporation (NASDAQ:BPUR) announced today that it has received
several notices from The Nasdaq Stock Market. By letter dated March
24, 2009, Nasdaq advised that, as the company had not yet filed its
Form 10-Q for the fiscal quarter ended January 31, 2009, it was out
of compliance with the Nasdaq Marketplace Rules. The company filed
the report and received a letter dated March 26, 2009, stating that
the matter was closed. NASDAQ also notified the company that it has
suspended enforcement of its minimum bid price and market value
requirements for continued listing, thereby extending the company's
time in which to regain compliance. Enforcement of these rules is
scheduled to resume on July 20, 2009. The company estimates, that
it now has until September 12, 2009, to regain compliance with the
$1.00 minimum bid price requirement. If at any time before that
date the bid price of the company's common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days,
the company should be provided written notification that it
complies with the Marketplace Rules. Biopure Corporation Biopure
Corporation develop and markets pharmaceuticals, called oxygen
therapeutics, that are intravenously administered to deliver oxygen
to the body's tissues. Hemopure(R) [hemoglobin glutamer - 250
(bovine)], or HBOC-201, is approved for sale in South Africa for
the treatment of surgical patients who are acutely anemic. On
November 21, 2008, the company announced that it had suspended
manufacturing and terminated most of its work force for financial
reasons. The company may not be able to continue as a going
concern. Using its limited resources, the company is supporting the
U.S. Navy's government-funded efforts to develop a potential
out-of-hospital trauma indication. Biopure's veterinary product
Oxyglobin(R) [hemoglobin glutamer - 200 (bovine)], or HBOC-301, is
the only oxygen therapeutic approved for marketing by both the U.S.
Food and Drug Administration and the European Commission. The
product, is indicated for the treatment of anemia in dogs. Biopure
has sold more than 200,000 units of Oxyglobin since the product's
launch. Statements in this release that are not strictly historical
are forward-looking statements, including any statements implying
that the company will be able to remain in business beyond the near
future or achieve the minimum bid price of $1 to avoid delisting
from Nasdaq. Actual results and their timing may differ materially
from those projected in these forward-looking statements due to
risks and uncertainties. These risks include, without limitation,
uncertainties regarding the company's financial position, including
its limited cash resources and need to raise additional capital to
pursue its business, unexpected costs and expenses, delays and
adverse determinations by regulatory authorities, unanticipated
problems with the products' commercial use, whether or not product
related, and the other factors identified under the heading "Risk
Factors" in the company's quarterly report on Form 10-Q filed on
March 25, 2009, which can be accessed in the EDGAR database at the
U.S. Securities and Exchange Commission's (SEC) website,
http://www.sec.gov/. The company undertakes no obligation to
release publicly the results of any revisions to these
forward-looking statements to reflect events or circumstances
arising after the date hereof. A full discussion of the company's
operations and financial condition can be found in the company's
filings with the SEC. Contact: Zaf Zafirelis Biopure Corporation
(617) 234-6500 DATASOURCE: Biopure Corporation CONTACT: Zaf
Zafirelis of Biopure Corporation, +1-617-234-6500,
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