Life Sciences, bankruptcy, Biotech

Biopure Files for Bankruptcy

Ryan McBride 7/17/09

Biopure (NASDAQ:BPUR), which has struggled financially for years while making a case to U.S. and European regulators for its blood substitute, has filed for Chapter 11 bankruptcy, the company announced late yesterday. The Cambridge, MA-based firm has agreed to sell its assets to OPK Biotech, but Biopure will also seek competitive bids for the assets in an auction supervised by the bankruptcy court in Massachusetts. The Boston Herald wrote this little piece today about some of the setbacks that led to the 25-year-old company’s bankruptcy filing.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.