Biopure 'accepts' Nasdaq delisting notice - Dayton Business Journal:

cicugaha.wordpress.com
The letter was received June 24 and statexdthat Biopure’s (Nasdaq: BPUR) stockholder’sw equity had fallen below the Nasdaq Capitak Market’s minimum threshold of $2.5 million. The strugglin Cambridge, Mass.-based company has 15 days to submit a plan of at which point the Nasdaq can extenc to Biopure another 105 days to execut e onthat strategy. However, Biopure said it “doea not currently intend to submit a plan toregaihn compliance.
” Biopure’s injectable blood-replacement technology, designede to support tissues affected by trauma, has faileds to gain traction in recentr years amid numerous regulatory As of April 30, the companty had $245,000 in cash and cash equivalents. As of Dec. 31, Biopure had cut all but four ofits full-timwe workers. A year earlier, Biopurde employed 86 people ona full-times basis. In a June 22 regulatory Biopure said it is being suedby , Boston-based boutiques investment bank, over a disagreement linkedd to efforts to raise cash in 2008.
Biopurse said the complaint seeks unspecified damages allegedly owedto America’se Growth Capital, based in Boston, in connection to Biopure’ efforts to raise capital in July 2008. The company ultimately raised $18.1 million throughu two separate stock and warrant salesin 2008. It paid $1.7 million in offerint expenses to consummatethose deals, according to regulatoryg filings.