CAMBRIDGE, Mass., Jan. 28 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) today announced its financial results for the fourth fiscal quarter and the fiscal year ended October 31, 2007. Included in the net loss for the fiscal quarter and fiscal year ended October 31, 2007 is a one-time, non-cash impairment charge of $11.3 million. For the quarter, the company reported a net loss of $16.7 million, or $1.07 per common share, compared with a net loss of $6.3 million, or $0.66 per common share, for the corresponding period in 2006. For the fiscal year, the company reported a net loss of $36.3 million, or $2.43 per common share, compared with a net loss of $26.5 million, or $3.35 per common share, for the year 2006. Class A common shares outstanding on October 31, 2007 and 2006 were 15,593,587 and 9,873,025, respectively.
Total revenues for the fourth quarter of 2007 were $793,000, including $718,000 from sales of the company's veterinary product Oxyglobin(R), $63,000 from sales of Hemopure(R) in South Africa and $12,000 in research and development expense reimbursements from the U.S. government. Total revenues for the same period in 2006 were $431,000, including $288,000 from Oxyglobin sales, $29,000 from sales of Hemopure(R) and $114,000 from government reimbursements. Payments from the government reimburse Biopure for trauma development expenses for Hemopure and vary with the amount of reimbursable activity of the Company.
Oxyglobin revenues increased during the fourth fiscal quarter of 2007
compared to 2006 largely because of a change in arrangements between the
Company and its European distributor. In 2006 the Company accounted for
European sales on a consignment basis. Now the distributor buys s
|SOURCE Biopure Corporation|
Copyright©2008 PR Newswire.
All rights reserved