Biopure stock will no longer be offered on the exchange once trading opens August 7. Bids for the company’s assets are due a week later, ahead of an August 20 asset sale.
Bankrupt Biopure Corp. is selling the bulk of its assets for $2.6 million to OPK Biotech LLC, according to court documents filed last night.
As part of the proposed deal, OPK will provide a $500,000 infusion of interim financing to keep the blood substitute maker afloat through early September. OPK, registered with the Delaware Department of Corporations on July 7, also agreed to assume certain liabilities.
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.
Details of how struggling Biopure Inc. is working to stay afloat emerged Thursday when the company revealed it sold its main manufacturing plant in Pennsylvania for $1.2 million.
The Braintree firm, which makes a suite of products for blood banking and blood management, posted $152.4 million in fourth-quarter sales, up 10 percent compared with $138.7 million during the same period last year.
Net income for the three months ended March 29 reached $13.9 million, a 1 percent uptick compared with $13.7 million during the fourth quarter of 2008.
Haemonetics Corp. plans to buy back more than $40 million worth of its own stock in a move to boost its share price.
Who could blame them? Strong year-end earnings and sales failed to impress Wall Street, where the Braintree blood management company’s stock dropped more than 10 percent today in early-morning trading following the earnings announcement. Shares were down more than $5 before a slight lunchtime rebound.
Neoteric, a healthcare software provider, makes the BloodTrack Suite, a group of software applications that remotely track, allocate, release and dispense blood units throughout a hospital. The Vancouver-based firm, founded in 1997 by Geof Auchinleck, says its products are used in over 100 hospitals in North America and Europe.
The Braintree-based blood management company said Meelia is leaving the board “in order to spend more professional time on Covidien’s operations.”
Meelia is leaving two years before his term was set to end in 2011. He joined the board in 2005 and was re-elected in July 2008.
The U.S. Navy is furious that the federal Food & Drug Administration repeatedly spiked clinical trials of Biopure Corp.‘s Hemopure blood substitute, according to an internal Navy report obtained by The Boston Globe.
The Navy wants to examine whether Hemopure can be used on the battlefield to treat combat injuries when blood transfusions aren’t available.