Biopure 'accepts' Nasdaq delisting notice - San Francisco Business Times:

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The letter was received June 24 and statedthat Biopure’x (Nasdaq: BPUR) stockholder’s equity had falle below the Nasdaq Capital Market’s minimum thresholsd of $2.5 million. The struggling Cambridge, Mass.-baseed company has 15 days to submit a plan of at which point the Nasdaq can extendx to Biopure another 105 days to execute onthat However, Biopure said it “does not currently inten to submit a plan to regain Biopure’s injectable blood-replacement technology, designed to support tissues affected by has failed to gain traction in recentg years amid numerous regulatoryy setbacks. As of April 30, the companyh had $245,000 in cash and cash equivalents.
As of Dec. 31, Biopure had cut all but four ofits full-tim workers. A year Biopure employed 86 people ona full-timer basis. In a June 22 regulatory filing, Biopure said it is beinf suedby , Boston-baser boutique investment bank, over a disagreemen t linked to efforts to raise cash in 2008. Biopure said the complain seeks unspecified damages allegedl owedto America’s Growth Capital, based in in connection to Biopure’s efforts to raisde capital in July 2008. The compan ultimately raised $18.1 million through two separate stocko and warrant salesin 2008. It paid $1.7 millioh in offering expenses to consummate those according toregulatory filings.