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Biopure Announces 2008 Third Quarter Financial Results
Date:8/21/2008

CAMBRIDGE, Mass., Aug. 21 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) today announced its financial results for the third fiscal quarter ended July 31, 2008. For the quarter, the company reported a net loss of $4.6 million, or $0.13 per common share, compared with a net loss of $6.4 million, or $0.41 per common share, for the corresponding period in 2007. Class A common shares outstanding on July 31, 2008 and 2007 were 37,340,051 and 15,592,025, respectively.

Revenues

Total revenues for the third fiscal quarter of 2008 were $708,000, or 29% higher than revenues of $550,000 for the same period in fiscal 2007. The increase is attributable to sales and royalties on sales of the company's veterinary product Oxyglobin totaling $643,000 in revenue versus $470,000 in Oxyglobin revenues in the third quarter of 2007. The increase in Oxyglobin revenues results from higher unit sales. As previously announced, in the third fiscal quarter of 2008 the Company appointed an exclusive distributor for Oxyglobin in the U.S. This distributor buys product for its inventory upon shipment by the Company and pays royalties in negotiated amounts. Previously the Company sold directly to veterinarians.

Hemopure sales decreased to $46,000 during the third fiscal quarter of 2008 from $58,000 in the third quarter of 2007 and $89,000 in the second quarter of 2008. The clinical use of the product in South Africa has been without serious adverse effects caused by Hemopure. However, sales have declined because of a meta-analysis published in the April 2008 Journal of the American Medical Association, which reached negative conclusions about hemoglobin-based oxygen carriers (HBOCs) as a class of products. Some of the article's authors
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SOURCE Biopure Corporation
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