CAMBRIDGE, Mass., Oct. 18 /PRNewswire-FirstCall/ -- Biopure Corporation
(Nasdaq: BPUR) announced today that, as expected, on October 18, 2006 it
received notice from The Nasdaq Stock Market that its closing bid price
fell and remained below $1.00 for 30 consecutive business days. As a
result, Biopure is out of compliance with Nasdaq's $1.00 minimum bid price
requirement for continued listing set forth in Marketplace Rule 4450(a)(5).
This notification has no effect on the listing of the company's common
stock at this time.
The company has 180 calendar days to regain compliance by having the
bid price of its common stock close at $1.00 per share or more for at least
10 consecutive business days. If the company does not regain compliance by
April 16, 2007, it may apply to transfer its securities to The Nasdaq
Capital Market and take advantage of the additional 180-day compliance
period offered on that market, if it satisfies the requirements for initial
listing on that market except for the bid price requirement. If Biopure
does not demonstrate compliance within the compliance period, it will be
issued a delisting letter.
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. The company'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.
Statements in this press release that are not strictly historical are
forward-looking statements, including those that imply that the company may
regain compliance with Nasdaq's minimum bid price listing requirement or
will be able to transfer the listing of its common stock to The Nasdaq
Capital Market. 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 and the trading price of the
company's common stock. 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.
The content of this press 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.
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 (Investors) of
H.L. Lanzet Inc. for Biopure, +1-212-888-4570, lanzet@aol.com
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