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Shares of Biotech Company Biopure Skid on Layoff News.
Knight Ridder/Tribune Business News, October, 2003
By Ross Kerber, The Boston Globe Knight Ridder/Tribune Business News
Oct. 31--Stock in Biopure Corp., a Cambridge maker of artificial blood products, lost 39 percent of its value yesterday after company officials said they would lay off 72 people, about one-third of the staff, because of research problems.
The biotechnology company said it needs months of costly research to answer questions posed by the Food and Drug Administration, which must approve its product before it can be sold. Also, the company warned it would need to issue new stock to raise funds to continue operating beyond June.
In addition, an executive overseeing relations with the FDA, Howard Richman, has been replaced, the company said.
The stock fell $2.37...
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