CAMBRIDGE, Mass., Dec. 20 /PRNewswire-FirstCall/ -- Biopure Corporation
(Nasdaq: BPUR) announced today that on December 14, 2007 it received notice
from The Nasdaq Stock Market that its closing bid price had fallen 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 4310(c)(4). This
notification has no effect on the listing of the company's common stock at
this time.
The company, in accordance with Marketplace Rule 4310 (c)(8)(D), has
180 calendar days or until June 11, 2008, 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 11, 2008, Nasdaq will determine whether the Company
meets the initial listing criteria set forth in Marketplace Rule 4310 (c),
except for the bid price requirement. If it meets the initial listing
criteria, Biopure expects to be granted an additional 180 calendar day
compliance period. If Biopure does not demonstrate compliance within the
compliance period, it will be issued a delisting letter. According to the
letter, if Biopure is deemed not eligible for an additional compliance
period, Nasdaq will provide written notification that the securities will
be delisted.
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 several
other indications and 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, the only oxygen therapeutic approved by both 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.
Tiana Gorham Herb Lanzet
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:
Tiana Gorham 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, for Biopure Corporation
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