CAMBRIDGE, Mass., Oct. 28 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) announced today that it has received notice from NASDAQ stating that the Company has until March 16, 2009, to regain compliance with Marketplace Rule 4310(c)(4), requiring a minimum bid price of $1.00 for continued listing. The deadline would have been December 8, 2008, but NASDAQ suspended enforcement of the minimum bid price requirement because of turmoil in the marketplace, thereby extending the Company's time in which to gain compliance.
Currently, the Company meets all other required inclusion criteria for the NASDAQ Capital Market. If, at any time before March 16, 2009, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Company will be provided written notification that it complies with the Marketplace Rule.
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. The Company is developing Hemopure for other indications and is 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 for marketing by both the U.S. Food and Drug Administration and the European Commission, is indicated for the treatment of anemia in dogs. Biopure has sold approximately 200,000 units of Oxyglobin since its launch.
Statements in this release that are not strictly historical are
forward-looking statements, including any statements implying that the
Company will be able to achieve the minimum bid price of $1.00 to avoid
delisting from NASDAQ. 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, including its
limited cash resources and need to raise additional capital to pursue its
business, unexpected costs and expenses, delays and adverse determinations
by regulatory authorities, unanticipated problems with the product's
commercial use, whether or not product related, and with product
distributors, sales agents or other third parties, delays in clinical
trials, and the other factors identified under the heading "Risk Factors"
in the Company's quarterly report on Form 10-Q filed on June 16, 2008, as
amended on June 18, 2008, 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.
Contact: Tiana Gorham
|SOURCE Biopure Corporation|
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