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 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.
SOURCE Biopure Corporation