At July 31, 2008, Biopure had $1.7 million in cash on hand. During the third fiscal quarter the Company signed an agreement with purchasers for a private placement of its common stock and warrants. Under this agreement, the Company had raised $800,000 as of July 31, 2008, raised $400,000 in August and expects to raise an additional $1.1 million over the next three months, subject to certain conditions, including a requirement that the Company raise additional funds before September 30, 2008.
Both Biopure and the Naval Medical Research Center (NMRC) continue to be in discussions with the Food and Drug Administration (FDA) for proposed clinical trials. The trial in discussion between Biopure and the FDA is a small trial for patients with acute myelogenous leukemia (AML) who refuse transfusion with blood components and therefore cannot currently undergo induction chemotherapy, which depletes oxygen-carrying capacity. FDA, as previously reported, has indicated that this could be a pivotal trial, which means that Hemopure might seek a registration for this narrow, yet significant, indication before other applications. The protocol is being drafted by Biopure scientists and by outside experts in this field.
NMRC continues to be in discussion with the FDA regarding two trials
under consideration, both of which would be for pre-hospital resuscitation
of patients with severe traumatic hemorrhagic shock. Originally, NMRC
sought approval for a study entitled "Restore Effective SUrvival in Shock"
|SOURCE Biopure Corporation|
Copyright©2008 PR Newswire.
All rights reserved