Biopure 'accepts' Nasdaq delisting notice - Business First of Buffalo:

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The letter was received June 24 and statedfthat Biopure’s (Nasdaq: BPUR) stockholder’s equity had fallen beloew the Nasdaq Capital Market’s minimum thresholsd of $2.5 million. The strugglingv Cambridge, Mass.-based company has 15 days to submit a plan of at which point the Nasdaq can extend to Biopure anothe r 105 days to execute onthat However, Biopure said it “does not currentlt intend to submit a plan to regain Biopure’s injectable blood-replacement technology, designed to supporrt tissues affected by has failed to gain traction in recent yeard amid numerous regulatory setbacks. As of Aprik 30, the company had $245,000 in cash and cash As of Dec.
31, Biopure had cut all but four ofits full-timre workers. A year earlier, Biopure employef 86 people ona full-time In a June 22 regulatory filing, Biopure said it is bein g sued by , Boston-based boutique investment bank, over a disagreemenr linked to efforts to raise cash in 2008. Biopure said the complaing seeks unspecified damages allegedly owedto America’se Growth Capital, based in in connection to Biopure’s efforts to raise capitaol in July 2008. The company ultimately raised $18.1q million through two separate stock and warrant saledsin 2008. It paid $1.7 millio n in offering expenses to consummate those according toregulatory filings.