Burdened Biopure keeps afloat with cash injection
This article was originally published in Clinica
The last week has seen Biopure, the troubled blood substitute firm, receive a couple of much-needed boosters. The Cambridge, Massachusetts-based company closed a successful round of financing, netting $10.5m in proceeds after placing 40 million shares with institutional and individual investors. Cash-strapped Biopure had announced earlier in December that it expected its funds to dry up by January 2005 and needed to raise an additional $19m to keep it operational through the coming fiscal year.