Wednesday, December 31, 2008

Nasdaq gives Biopure a break from enforcing trading compliance

By Marc Songini

Cambridge-based oxygen therapeutics products maker Biopure Corp. received word from the Nasdaq Stock Market that it is suspending enforcement of Biopure’s requirement to comply with Nasdaq’s listing regulations.

Biopure (Nasdaq: BPUR) has been noncompliant in the areas of its minimum stock bid price and market valuation, it explained in a press release. This follows an extension announced in October, giving it until March 16, 2009 to become compliant.

Biopure said Nasdaq will again start to enforce its rules on April 20 of next year. The company estimated that, based on information Nasdaq has provided, it will now have till June 15, 2009 to comply with the $1 minimum bid price rule. Should the bid price of Biopure’s common stock close at $1 per share for at least 10 consecutive business days, the firm should receive written notification that it’s in compliance.

Biopure Corp. makes and sells oxygen therapeutics products that are injected to deliver oxygen to body tissues. Its Hemopure product is approved for sale in South Africa to treat surgical patients suffering from acute anemia.

The company is currently seeking federal approval to conduct a pilot Phase 2 clinical trial of its Hemopure blood treatment for leukemia patients who refuse red blood cell transfusions but suffer from life-threatening anemia caused by chemotherapy.

Biopure also sells a veterinary product, Oxyglobin, to treat canine anemia. It is the only oxygen therapeutic approved by both the U.S. Food and Drug Administration (FDA) and the European Commission. Biopure has sold more than 200,000 units of Oxyglobin.

On Nov. 21, Biopure laid off most of its work force.