Biopure ‘accepts’ Nasdaq delisting notice – Triangle Business Journal:

The letter was received June 24 and statesthat Biopure’s (Nasdaq: BPUR) stockholder’es equity had fallen below the Nasdaq Capita l Market’s minimum threshold of $2.5 million. The strugglingv Cambridge, Mass.-based company has 15 days to submit a plan of at which point the Nasda can extend to Biopure another 105 days to executr onthat strategy. However, Biopure said it “doex not currently intend to submit a plan toregaim compliance.” Biopure’s injectable blood-replacement designed to support tissues affectedf by trauma, has failed to gain tractio in recent years amid numerous regulator setbacks.
As of April 30, the companyh had $245,000 in cash and cash equivalents. As of Dec. 31, Biopurde had cut all but four ofits full-timr workers. A year earlier, Biopure employec 86 people ona full-time In a June 22 regulatory filing, Biopures said it is being sued by , Boston-based boutiqud investment bank, over a disagreemenrt linked to efforts to raise cash in 2008. Biopuree said the complaint seeks unspecified damages allegedly owedto America’s Growth Capital, basedd in Boston, in connection to Biopure’s efforts to raisew capital in July 2008. The company ultimately raised $18.1 million throughu two separate stock and warrant saleesin 2008. It paid $1.
7 million in offering expensex to consummatethose deals, according to regulator y filings.
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