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
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.
CONTACTS:
Todd Wood
Biopure Corporation
(617) 234-6576
IR@biopure.com
Herb Lanzet (Investors)
H.L. Lanzet Inc.
(212) 888-4570
lanzet@aol.com
SOURCE Biopure Corporation
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Related links:
http://www.biopure.com/
http://www.prnewswire.com/comp/131224.html/
CONTACT:
Todd Wood of Biopure Corporation,
+1-617-234-6576, IR@biopure.com; or Investors, Herb Lanzet of
H.L. Lanzet Inc. for Biopure Corporation, +1-212-888-4570,
lanzet@aol.com
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