Biopure Corp. filed for Chapter 11 bankruptcy protection after a series of setbacks including chicanery by former company leaders and a series of Food & Drug Administration denials made it impossible for the Cambridge, Mass.-based blood substitute maker to survive.
Biopure said it agreed to sell its assets to OPK Biotech LLC.
That’s bad news for Biopure stockholders, as the company says it’s doubtful they’ll recoup their investments after creditors are paid back from the proceeds of the OPK deal.
Last month, the company said it would be bankrupt by the end of July unless it found a buyer; in the event, it seems both outcomes came to be.
The news follows a run of bad luck for the company, which had difficulty getting its flagship product, Hemopure, approved for human trials by the FDA. It also suffered from some shady dealings by former company executives.
Biopure representatives did not immediately return a call seeking comment.