Biopure Files Voluntary Petition for Relief Under Chapter 11 of the United States Bankruptcy Code

CAMBRIDGE, Mass., July 16 /PRNewswire-FirstCall/ -- Biopure Corporation announced today that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Massachusetts. Biopure will continue to manage and operate its businesses and assets during the pendency of the bankruptcy case, subject to the supervision of the Bankruptcy Court.

In connection with the filing Biopure entered into an agreement with OPK Biotech LLC for the sale of substantially all of its assets. The sale is subject to customary closing conditions, approval of the Bankruptcy Court and the conduct of a Bankruptcy Court supervised auction process in which Biopure will seek competing bids to achieve the highest price possible for its assets.

If the proposed OPK Biotech LLC transaction closes, Biopure expects that there will be limited, if any, value for the common stockholders in the bankruptcy liquidation process. Stockholders of a company in Chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. Biopure expects such claims will be largely satisfied if the proposed OPK Biotech LLC transaction closes on the contemplated schedule.

Biopure Corporation

Biopure Corporation develops and markets pharmaceuticals, called oxygen therapeutics, that are intravenously administered to deliver oxygen to the body's tissues.

Contact: Zaf Zafirelis Biopure Corporation [phone] [e-mail]

Biopure Corporation

CONTACT: Zaf Zafirelis, Biopure Corporation, [phone],
[e-mail]