CAMBRIDGE, Mass., Oct 2 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) said today that a one-for-five reverse stock split became effective at 12:01 a.m. October 2, 2007, with post-split trading expected to begin when the Nasdaq Capital Market opens today. The outstanding warrants, including those trading on the OTCBB and outstanding options have also been adjusted with the quantities reduced and the exercise prices increased by the 1-for-5 ratio.
At a special stockholder meeting on October 1, 2007, stockholders of the company authorized amending the company's certificate of incorporation to effect a reverse stock split. Pursuant to this authorization, on October 1, 2007 the board approved a one-for-five reverse split of outstanding Biopure class A common stock to take effect on October 2, 2007. The reverse split is intended to broaden Biopure's investor base and help the company gain compliance with the Nasdaq Capital Market's $1.00 minimum bid price listing requirement by increasing the share price.
The company had 77,967,938 shares of class A common stock outstanding at the end of trading on September 28, 2007. The total number of shares outstanding when the market opens on October 2, 2007 will be approximately 15,593,500. The stock is expected to trade for 20 trading days thereafter under the ticker symbol "BPURD" before reverting to "BPUR". Outstanding warrants that trade on the OTCBB will have the following new ticker symbols before reverting to the previous symbols: BPREW reverting to BPURW; BPREZ reverting to BPURZ and BPREL reverting to BPURL.
Biopure Corporation develops, manufactures and markets pharmaceuticals, called oxygen therapeutics, that are intravenously administered to deliver oxygen to the body's tissues. Hemopure(R) [hemoglobin glutamer - 250 (bovine)], or HBOC-201, is approved for sale in South Africa for the treatment of surgical patients who are acutely anemic. Biopure has applied in the United Kingdom for regulatory approval of a proposed orthopedic surgical anemia indication. The company is developing Hemopure for a potential indication in cardiovascular ischemia, in addition to supporting the U.S. Navy's government- funded efforts to develop a potential out-of-hospital trauma indication. Biopure's veterinary product Oxyglobin(R) [hemoglobin glutamer - 200 bovine)], or HBOC-301, the only oxygen therapeutic approved by the U.S. Food and Drug Administration and the European Commission, is indicated for the treatment of anemia in dogs. Biopure has sold approximately 186,000 units of Oxyglobin, which have been used to treat an estimated 100,000 animals.
Statements in this release that are not strictly historical are forward-looking statements, including those statements implying that the reverse stock split may broaden Biopure's investor base or increase the per share price of Biopure Class A common stock. Actual results and their timing may differ materially from those projected in these forward-looking statements due to risks and uncertainties. These risks include, without limitation, uncertainties regarding the company's financial position, unexpected costs and expenses, delays and adverse determinations by regulatory authorities and delays in or unpredictable outcomes of clinical trials, market reaction to the reverse stock split, including the reduction in the number of shares outstanding, and the factors identified under the heading "Risk Factors" in the company's quarterly report on Form 10-Q filed on August 14, 2007, which can be accessed in the EDGAR database at the U.S. Securities and Exchange Commission's (SEC) website, http://www.sec.gov. The company undertakes no obligation to release publicly the results of any revisions to these forward- looking statements to reflect events or circumstances arising after the date hereof. A full discussion of the company's operations and financial condition can be found in the company's filings with the SEC.
The content of this release does not necessarily reflect the position or the policy of the U.S. Government or the Department of Defense, and no official endorsement should be inferred.
Herb Lanzet (Investors)
H.L. Lanzet Inc.
|SOURCE Biopure Corporation|
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