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Biopure Corp., a financially strapped maker of blood-replacement technologies, disclosed in a regulatory filing late Monday that it is being sued by a local boutique investment bank over a disagreement linked to efforts to raise cash in 2008.
The Cambridge-based company said its was served March 17 with a complaint filed by America’s Growth Capital. The suit was filed March 10 in Suffolk Superior Court in Boston.
Biopure said the complaint seeks unspecified damages allegedly owed to America’s Growth Capital, based in Boston, in connection to Biopure’s efforts to raise capital in July 2008. The company ultimately raised $18.1 million through two separate stock and warrant sales in 2008. It paid $1.7 million in offering expenses to consummate those deals, according to regulatory filings.
It was not immediately clear whether America’s Growth Capital was involved with either offering.
An America’s Growth Capital official declined comment, other than to say that such suits are an unfortunate part of doing business and that the firm hopes the matter will be resolved shortly.
Biopure said in a regulatory filing it plans to defend itself in court and that the claims are without merit.
Biopure’s injectable blood-replacement technology, designed to support tissues affected by trauma, has failed to gain traction in recent years amid numerous regulatory setbacks.
As of April 30, the company had $245,000 in cash and cash equivalents. As of Dec. 31, Biopure had cut all but four of its full-time workers. A year earlier, Biopure employed 86 people on a full-time basis.
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