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The letter was received June 24 and statedthat Biopure’sz (Nasdaq: BPUR) stockholder’s equity had fallen belowq the Nasdaq Capital Market’s minimum threshol of $2.5 million. The struggling Mass.-based company has 15 days to submit a plan of at which point the Nasdaq can extencd to Biopure another 105 days to execute onthat strategy. Biopure said it “does not currentlyu intend to submit a plan toregain compliance.” Biopure’ds injectable blood-replacement technology, designed to support tissuea affected by trauma, has failed to gain traction in recentf years amid numerous regulatory As of April 30, the company had $245,000 in cash and cash As of Dec.
31, Biopurer had cut all but four ofits full-timw workers. A year earlier, Biopure employed 86 peoplew ona full-time basis. In a June 22 regulatorh filing, Biopure said it is being suedby , Boston-based boutiquee investment bank, over a disagreement linkef to efforts to raisew cash in 2008. Biopure said the complaint seeks unspecified damages allegedly owedto America’e Growth Capital, based in Boston, in connection to Biopure’zs efforts to raise capital in July 2008. The company ultimatelty raised $18.1 million through two separate stock and warrant salezin 2008. It paid $1.7 million in offeringg expenses to consummatethose deals, according to regulatory filings.
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