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Biopure Announces Closing of $14.9 Million Financing

CAMBRIDGE, Mass., Nov. 6 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) announced today the closing of an underwritten public offering of stock and warrants that raised net proceeds to Biopure of approximately $14.9 million assuming no exercise of the warrants. Biopure sold 19,377,500 new shares of its common stock and warrants to acquire an additional 19,377,500 shares, including 2,527,500 shares and 2,527,500 warrants granted to the underwriters to cover over-allotments. The price for one share and one warrant was $0.85 and the exercise price of each warrant is $1.0625. The warrants have a five-year term and are callable by Biopure after six months provided that the weighted average price of Biopure's common stock for ten consecutive days is over $1.59.

Dawson James Securities, Inc. acted as the managing underwriter for the public offering. Biopure intends to use the proceeds from this offering for general corporate and working capital purposes.

Biopure Corporation

Biopure Corporation develops, manufactures and markets pharmaceuticals, called oxygen therapeutics, that are intravenously administered to deliver oxygen to the body's tissues.

Contact: Tiana Gorham Herb Lanzet (Investors)

Biopure Corporation H.L. Lanzet Inc.

(617) 234-6826 (212) 888-4570

SOURCE Biopure Corporation
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