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Biopure Announces 2008 Second Quarter Financial Results
Date:5/21/2008

CAMBRIDGE, Mass., May 21 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) today announced its financial results for the second fiscal quarter ended April 30, 2008. For the quarter, the company reported a net loss of $5.0 million, or $0.14 per common share, compared with a net loss of $6.2 million, or $0.40 per common share, for the corresponding period in 2007. Class A common shares outstanding on April 30, 2008 and 2007 were 34,971,087 and 15,591,025, respectively.

Revenues

Total revenues for the second fiscal quarter of 2008 were $902,000, including $777,000 from sales of the company's veterinary product Oxyglobin(R), $89,000 from sales of Hemopure(R) in South Africa and $36,000 in research and development expense reimbursements from the U.S. government. Total revenues for the same period in fiscal 2007 were $619,000, including $500,000 from Oxyglobin sales, $6,000 from sales of Hemopure and $113,000 from government reimbursement. Payments from the government reimburse Biopure for trauma development expenses for Hemopure and vary with the amount of reimbursable activity for the government.

Hemopure sales increased during the second fiscal quarter of 2008 due to the increasing use of the product in South Africa. Oxyglobin revenues increased during the second fiscal quarter of 2008 compared to the same period in 2007 primarily due to higher unit sales to the company's European distributor. During the second fiscal quarter of 2007, the company accounted for European sales on a consignment basis. Now the European distributor buys product for its inventory upon shipment by the company. In the U.S., a higher average selling price of Oxyglobin during the second fiscal quarter of 2008 offset lower unit sales com
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SOURCE Biopure Corporation
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