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

pared to the same period in fiscal 2007. The company believes the lower unit sales in the current period are a result of two price increases implemented during fiscal 2007 without concerted marketing. As previously announced, on May 13, 2008, Dechra Veterinary Products became the exclusive U.S. distributor for Oxyglobin.

Cost of revenues was $1.8 million for the second fiscal quarter of 2008, compared to $2.8 million for the same period in 2007. Cost of revenues includes costs of both Oxyglobin and Hemopure. Hemopure cost of revenues, consisting primarily of the allocation of unabsorbed fixed manufacturing costs, was $1.2 million for the second fiscal quarter of 2008 compared to $2.1 million for the same period in 2007. Increased manufacturing during the second fiscal quarter of 2008 compared to the same period in 2007 resulted in lower unabsorbed manufacturing costs charged to cost of revenues. Oxyglobin cost of revenues was $645,000 for the second fiscal quarter of 2008 compared to $643,000 for the same period in 2007.

Expenses

Research and development expenses were $1.8 million for the second fiscal quarter of 2008 compared to $1.9 million for the same period in 2007. For the fiscal 2008 second quarter a $328,000 reduction in spending on clinical and preclinical trials was partially offset by a $207,000 increase in spending on outside services.

General and administrative expenses were $2.0 million for the second fiscal quarters of 2008 and 2007. Insurance premiums and occupancy costs decreased during the second fiscal quarter of 2008 compared to the same period in 2007, and employee related costs and fees for consultants increased.

Financial Condition

At April 30, 2008, Biopure had $5.7 million in cash on hand. In May 2008, the company implemented cost reductions, including a workforce reduction. These measures represent overall anticipated savings of approximately $1.2 million annually.

Recent Developments


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SOURCE Biopure Corporation
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