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Biopure Corp., a developer of blood-replacement technologies, has received — and will not challenge — a delisting notice from The Nasdaq Stock Market for falling below the exchange’s minimum equity-value requirement.
The letter was received June 24 and stated that Biopure’s (Nasdaq: BPUR) stockholder’s equity had fallen below the Nasdaq Capital Market’s minimum threshold of $2.5 million.
The struggling Cambridge-based company has 15 days to submit a plan of recompliance, at which point the Nasdaq can extend to Biopure another 105 days to execute on that strategy.
However, Biopure said it “does not currently intend to submit a plan to regain compliance.”
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.
In a June 22 regulatory filing, Biopure said it is being sued by Boston-based boutique investment bank, America’s Growth Capital, over a disagreement linked to efforts to raise cash in 2008.
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.
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