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Biopure Announces 2008 First Quarter Financial Results
Date:2/21/2008

to the increasing use of the product in South Africa.

Cost of revenues was $2.8 million for the first fiscal quarter of 2008, compared to $3.2 million for the same period in 2007. Cost of revenues includes costs of both Oxyglobin and Hemopure. Hemopure cost of revenues, consisting primarily of the allocation of unabsorbed fixed manufacturing costs, was $2.2 million for the first fiscal quarter of 2008, compared to $2.3 million for the same period in 2007. Oxyglobin cost of revenues was $569,000 for the first fiscal quarter of 2008, compared to $819,000 for the same period in 2007. This decrease is largely due to the absence of inventory purchases by our distributor in Europe and lower unit sales in the U.S.

Expenses

Research and development expenses were $1.5 million for the first fiscal quarter of 2008, compared to $1.9 million for the same period in 2007. The decrease was primarily due to a $469,000 reduction in spending on preclinical trials.

General and administrative expenses decreased to $2.0 million for the first fiscal quarter of 2008, from $2.2 million for the same period in 2007. This decrease is primarily due to lower consulting and compensation expenses and lower insurance premiums.

Financial Condition

At January 31, 2008, Biopure had $11.2 million in cash on hand. During the quarter, Biopure raised approximately $14.9 million in net proceeds through sales of its common stock and warrants.

Recent Developments

Scientific Publication and Presentation

A manuscript entitled, Hemodynamic Effects, Safety, and Tolerability of Hemoglobin-Based Oxygen Carrier-201 in Patients Undergoing PCI for CAD, has been accepted for publication in the first quarterly issue, dated March 20, 2008, of EuroIntervention Journal (EIJ), the official journal of the European Association of Interventional Cardiology. EIJ is a peer-reviewed journal of interventional cardiovascular medicine and is the official publication of
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SOURCE Biopure Corporation
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