Biopure Gives Update on Malaysia Joint Venture Discussions
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CAMBRIDGE, Mass., Aug. 22 / -- Biopure Corporation (NASDAQ:BPUR) announced today the status of discussions with Malaysia about a possible joint venture. The possibility of such a venture was described by a Malaysian government official to the Malaysian national news agency Bernama in early July.
As indicated in the July statements in Malaysia, Biopure and officials representing public and private interests in Malaysia have been in discussions related to a possible joint venture between the company and a Malaysian entity under the Malaysian Ministry of Science Technology and Innovation.
The Malaysian Ministry has expressed to Biopure its wish to pursue a Hemopure joint venture licensing agreement for Malaysia and certain other countries in Asia upon Biopure's receipt of marketing authorization for Hemopure in the United Kingdom. The investment as discussed, would be well over $100 million. The following broad terms have been discussed:
o A direct investment in Biopure common stock-up to 19.9% of the company.
o Licensing rights for Hemopure®.
o The funding by Malaysia of a joint venture company to be owned by
Biopure and a Malaysian entity.
o A large-scale plant for manufacturing Hemopure in Malaysia, at an
estimated cost in excess of $100 million, with government financing.
Many details and final agreements must still be reached between Biopure and Malaysia should the company receive U.K. market approval for Hemopure. Malaysia has conducted business, medical and regulatory due diligence, including diligence in the United States and South Africa.
Biopure continues to believe there is a reasonable chance that Hemopure can be approved for a surgical patient population when blood is not available or an option in the United Kingdom. There is no prescribed time frame for a final decision from the U.K. licensing authority once Biopure makes its submission addressing pending MHRA questions, but four to six months is typical. Biopure expects to meet with the MHRA and make its response in September.
Biopure Corporation
Biopure Corporation develops, manufactures and markets pharmaceuticals, called oxygen therapeutics, that are intravenously administered to deliver oxygen to the body's tissues. Hemopure® [hemoglobin glutamer - 250 (bovine)], or HBOC-201, is approved for sale in South Africa for the treatment of surgical patients who are acutely anemic.
Biopure has applied in the United Kingdom for regulatory approval of a proposed orthopedic surgical anemia indication. The company is developing Hemopure for a potential indication in cardiovascular ischemia, in addition to supporting the U.S. Navy's government- funded efforts to develop a potential out-of-hospital trauma indication. Biopure's veterinary product Oxyglobin® [hemoglobin glutamer - 200 (bovine)], or HBOC-301, the only oxygen therapeutic approved by the U.S. Food and Drug Administration and the European Commission, is indicated for the treatment of anemia in dogs. Biopure has sold approximately 186,000 units of Oxyglobin, which have been used to treat an estimated 100,000 animals.
The content of this release does not necessarily reflect the position or the policy of the U.S. Government or the Department of Defense, and no official endorsement should be inferred.
Contact:
Todd Wood
Biopure Corporation
(617) 234-6576
IR@biopure.com
Herb Lanzet (Investors)
H.L. Lanzet Inc.
(212) 888-4570
lanzet@aol.com
Source: Biopure Corporation
Web site: http://www.biopure.com/
