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

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The letter was received June 24 and statecthat Biopure’s (Nasdaq: BPUR) stockholder’s equity had fallen belowq the Nasdaq Capital Market’zs minimum threshold of $2.5 million. The struggling Mass.-based company has 15 days to submitt a planof recompliance, at which point the Nasda q can extend to Biopure another 105 days to executes on that strategy. However, Biopure said it “doesx not currently intend to submit a plan toregaijn compliance.
” Biopure’s injectable blood-replacement technology, designed to supportr tissues affected by trauma, has failedx to gain traction in recent yearws amid numerous regulatory As of April 30, the compan y had $245,000 in cash and cash equivalents. As of Dec. 31, Biopure had cut all but four ofits full-timde workers. A year earlier, Biopure employed 86 people ona full-timse basis. In a June 22 regulatory Biopure said it is being suedby , Boston-basec boutique investment bank, over a disagreement linkexd to efforts to raise cash in 2008.
Biopure said the complainrt seeks unspecified damages allegedly owedto America’s Growth Capital, basedx in Boston, in connection to Biopure’xs efforts to raise capital in July 2008. The company ultimately raiser $18.1 million through two separate stock and warrany salesin 2008. It paid $1.7 milliohn in offering expenses to consummatrthose deals, according to regulatory filings.