CAMBRIDGE, Mass., March 31 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR) announced today that it has received several notices from The Nasdaq Stock Market. By letter dated March 24, 2009, Nasdaq advised that, as the company had not yet filed its Form 10-Q for the fiscal quarter ended January 31, 2009, it was out of compliance with the Nasdaq Marketplace Rules. The company filed the report and received a letter dated March 26, 2009, stating that the matter was closed.
NASDAQ also notified the company that it has suspended enforcement of its minimum bid price and market value requirements for continued listing, thereby extending the company's time in which to regain compliance. Enforcement of these rules is scheduled to resume on July 20, 2009. The company estimates, that it now has until September 12, 2009, to regain compliance with the $1.00 minimum bid price requirement. If at any time before that date 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 should be provided written notification that it complies with the Marketplace Rules.
Biopure Corporation develop 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. On November 21, 2008, the company announced that it had suspended manufacturing and terminated most of its work force for financial reasons. The company may not be able to continue as a going concern. Using its limited resources, the company 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, is the only oxygen therapeutic approved for marketing by both the U.S. Food and Drug Administration and the European Commission. The product, is indicated for the treatment of anemia in dogs. Biopure has sold more than 200,000 units of Oxyglobin since the product's 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 remain in business beyond the near future or achieve the minimum bid price of $1 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 products' commercial use, whether or not product related, and the other factors identified under the heading "Risk Factors" in the company's quarterly report on Form 10-Q filed on March 25, 2009, 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: Zaf Zafirelis Biopure Corporation (617) 234-6500 IR@biopure.com
|SOURCE Biopure Corporation|
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