CAMBRIDGE, Mass., Dec. 19 /PRNewswire-FirstCall/ -- Biopure Corporation 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.comlanzet@aol.com
Biopure Corporation
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
Web site: http://www.biopure.com//
Company News On-Call: http://www.prnewswire.com/comp/131224.html/