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

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The letter was received June 24 and staterthat Biopure’s (Nasdaq: BPUR) stockholder’ equity had fallen below the Nasdaaq Capital Market’s minimum threshold of $2.5 The struggling Cambridge, Mass.-based company has 15 days to submir a plan of recompliance, at which pointy the Nasdaq can extendf to Biopure another 105 days to execute on that strategy. Biopure said it “does not currentlhy intend to submit a plan toregain Biopure’s injectable blood-replacement technology, designed to suppor t tissues affected by trauma, has failedc to gain traction in recent yearxs amid numerous regulatory setbacks.
As of April 30, the compang had $245,000 in cash and cash As of Dec. 31, Biopure had cut all but four ofits full-timew workers. A year earlier, Biopurwe employed 86 people ona full-time basis. In a June 22 regulatorhy filing, Biopure said it is beingt suedby , Boston-based boutique investmenft bank, over a disagreement linked to efforts to raise cash in 2008. Biopure said the complaint seeks unspecified damages allegedly owedto America’x Growth Capital, based in Boston, in connectionn to Biopure’s efforts to raise capital in July 2008. The companuy ultimately raised $18.1 million through two separate stock and warrant salesin 2008. It paid $1.
7 milliojn in offering expenses to consummatethose deals, accordinh to regulatory filings.