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Biopure reaches agreement in principle with SEC staff for settlement of litigation
By Elaine Rigoli
Tampa, Fla., March 13 - Biopure Corp. said it has reached an agreement in principle with the staff of the Securities and Exchange Commission to settle previously disclosed litigation filed in September 2005 concerning disclosures the company made in 2003.
Biopure said the proposed settlement is subject to final approval by the SEC and the court in which the complaint was filed. The company also said it cannot assure that the SEC or the court will approve the proposed settlement.
As part of the proposed settlement, Biopure would consent, without admitting or denying the allegations in the complaint, to an injunction against future violations of federal securities laws and regulations, according to a company news release.
No payments would be required of the company under the proposed settlement. In addition, the company would agree to retain an independent consultant to review and make recommendations about the company's disclosure procedures, the release said.
Biopure said a proposed settlement was also reached with the company's general counsel.
If approved by the SEC, this agreement would involve a dismissal by the SEC of all intent-based allegations in the complaint, a consent, without admitting or denying any allegations, against violations of certain non intent-based provisions, and a civil penalty.
The SEC staff has indicated that it will agree to a motion for a continuance of all current court-ordered deadlines until the SEC has acted on the proposals.
Biopure develops, manufactures and markets pharmaceuticals, called oxygen therapeutics, that are intravenously administered to deliver oxygen to the body's tissues. The company is based in Cambridge, Mass.
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