CAMBRIDGE, Mass., Dec. 19 /PRNewswire-FirstCall/ -- Biopure Corporation
(Nasdaq: BPUR) announced today that, as expected, on December 19, 2005 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 June
19, 2006, 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, provided the company meets all 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. The company is developing Hemopure(R)
[hemoglobin glutamer - 250 (bovine)], or HBOC-201, for a potential indication
in cardiovascular ischemia and, in collaboration with the U.S. Naval Medical
Research Center, for a potential out-of-hospital trauma indication. The
product is approved in South Africa for treating surgery patients who are
acutely anemic and for eliminating, delaying or reducing allogeneic red blood
cell transfusions in these patients. Hemopure has not been approved for sale
in other jurisdictions, including the United States or the European Union.
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.
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 to The Nasdaq Capital Market. Actual results 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 Class A 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 9, 2005, 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
Company News On-Call:
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., +1-212-888-4570, lanzet@aol.com
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