Biopure greenshoe exercised, raising $6.88 million

By E. Janene Geiss

Philadelphia, Dec. 28 - Biopure Corp. said Wednesday the underwriters of its recent public offering exercised their over-allotment option and purchased a further 1.32 million shares of common stock at $0.68 a piece.

By exercising this option, the company received gross proceeds of $6,881,600, according to a company news release.

On Dec. 21, the company priced a follow-on offering of 8.8 million shares of common stock, resulting in $5.98 million in proceeds.

Investors also received one warrant per share. The warrants are exercisable at $0.85 for five years.

The offering was underwritten by Dawson James Securities, Inc. and Noble International Investments, Inc.

The company said it plans to use proceeds for general corporate and working capital purposes.

Biopure, based in Cambridge, Mass., makes blood substitutes and develops therapeutics intravenously administered to deliver oxygen to the body's tissues.

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