CAMBRIDGE, Mass., Sept. 12 /PRNewswire-FirstCall/ -- Biopure
Corporation (Nasdaq: BPUR) announced today that the Securities and Exchange
Commission (SEC) has given final approval to the company's previously
announced agreement in principle with the staff of the SEC to settle the
litigation, filed in September 2005, concerning disclosures the company
made in 2003.
"This settlement removes a cloud over the company," said Biopure
Chairman and CEO Zafiris G. Zafirelis. "I am pleased to put this issue
behind us as we focus on the development of our oxygen therapeutics."
Under the settlement agreement, the company consented, without
admitting or denying the allegations in the complaint, to an injunction
against future violations of federal securities laws and regulations. No
payments were required of the company. In addition, the company agreed to
retain and adopt the recommendations of an independent consultant who will
review the company's disclosure procedures.
The SEC also gave final approval to a separate settlement agreement
with the company's general counsel. The settlement consisted of a consent,
without admitting or denying any allegations, to an injunction against
aiding or abetting violations of certain non-intent-based reporting
requirements, payment of a civil penalty, and dismissal by the SEC of all
other allegations in the complaint.
These settlement agreements conclude the SEC's investigation and
litigation of this matter with respect to Biopure and its general counsel.
Biopure Corporation develops, manufactures and markets pharmaceuticals,
called oxygen therapeutics, that are intravenously administered to deliver
oxygen to the body's tissues.
Statements in this press release that are not strictly historical are
forward-looking statements. 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 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, and delays in clinical trials. 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 U.S.
Securities and Exchange Commission, including under the heading "Risk
Factors" in the Form 10-Q filed on September 11, 2006, which can be
accessed in the EDGAR database at the SEC Web site, http://www.sec.gov.
Contact: Douglas Sayles Herb Lanzet (Investors)
Biopure Corporation H.L. Lanzet Inc.
(617) 234-6826 (212) 888-4570
IR@biopure.com lanzet@aol.com
SOURCE Biopure Corporation
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Related links:
http://www.biopure.com
http://www.prnewswire.com/comp/131224.html /
CONTACT:
Douglas Sayles of Biopure Corporation,
+1-617-234-6826, IR@biopure.com; or Herb Lanzet of H.L. Lanzet
Inc., +1-212-888-4570, lanzet@aol.com
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