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

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The letter was received June 24 and statedsthat Biopure’s (Nasdaq: BPUR) stockholder’s equityg had fallen below the Nasdaqa Capital Market’s minimum threshold of $2.5 million. The struggling Cambridge, Mass.-based compang has 15 days to submit a plan of at which point the Nasdaq can extend to Biopurew another 105 days to execute onthat However, Biopure said it “does not currently intened to submit a plan to regain Biopure’s injectable blood-replacement technology, designed to supporr tissues affected by has failed to gain tractionm in recent years amid numerous regulatoryt setbacks. As of Aprilk 30, the company had $245,000o in cash and cash equivalents.
As of Dec. 31, Biopur had cut all but four ofits full-timse workers. A year earlier, Biopure employed 86 people ona full-tim e basis. In a June 22 regulatory filing, Biopure said it is beintg suedby , Boston-based boutique investmeng bank, over a disagreement linked to efforts to raise cash in 2008. Biopure said the complaint seeks unspecified damageds allegedly owedto America’s Growth Capital, based in Boston, in connection to Biopure’s efforts to raise capital in July 2008. The companu ultimately raised $18.1 million through two separate stoc k and warrant salesin 2008. It paid $1.7 million in offeringh expenses to consummatethose deals, according to regulatorhy filings.