CAMBRIDGE, Mass., Feb. 17 /PRNewswire-FirstCall/ -- Biopure Corporation (Nasdaq: BPUR - News) announced today that it is exploring strategic options for financing or alternative transactions. The company has engaged Newbury Piret & Co. to advise on options, including evaluation of nonbinding proposals that have been received. There should be no assumption that this process will result in any transaction or any particular type of transaction.
On February 13, 2009, the company filed with the SEC its Annual Report on Form 10-K, which contains the company's financial statements for the two years ended October 31, 2008. The company does not intend to issue a separate earnings release. The report of the company's independent registered public accounting firm contained in this filing is modified with respect to the company's ability to continue as a going concern.
Biopure Corporation develops pharmaceuticals, called oxygen therapeutics, that are intravenously administered to deliver oxygen to the body's tissues. Hemopure® [hemoglobin glutamer - 250 (bovine)], or HBOC-201, is approved for sale in South Africa for the treatment of surgical patients who are acutely anemic. On November 21, 2008, the company announced that it had terminated most of its work force for financial reasons. Using its limited resources, the company is supporting the U.S. Navy's government-funded efforts to develop a potential out-of-hospital trauma indication. Biopure's veterinary product Oxyglobin® [hemoglobin glutamer - 200 (bovine)], or HBOC-301, the only oxygen therapeutic approved for marketing 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 214,000 units of Oxyglobin since its launch.
Statements in this release that are not strictly historical are forward-looking statements, including any statements implying that any transaction will be entered into to prevent the company from ceasing operations. Actual results may differ materially from those 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, the assessment of third parties of the Company's products and prospects, the Company's ability to negotiate a transaction with acceptable terms, and the other factors identified under the heading "Risk Factors" in the Company's annual report on Form 10-K filed on February 13, 2009, 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. The company, for example, currently does not intend to provide updates regarding its exploration of strategic alternatives or to disclose developments or potential outcomes until and unless a definitive course of action is reached. A full discussion of the company's operations and financial condition can be found in the company's filings with the SEC.
Contact: Rob Skiba