Biopure's 4th-qtr loss down 23%

Massachusetts, USA-based drugmaker Biopure says that, for the fourth quarter of its fiscal year ended October 31, 2006, its loss was $6.3 million, or $0.13 per share, down 23% on the $8.2 million deficit it recorded in the year-earlier, comparable period. The firm attributed the improvement to an increase in revenues, up 31.4% to $431,000, as well as the decrease of both its sales and marketing expenditure, down 6.4% to $147,000, and general and administrative costs, which fell 21.9% to $2.5 million.

Biopure also announced that it has completed a public stock offering of 28,350,000 new shares, which raised proceeds of around $16.6 million. The firm added that it will use the funds for general corporate and working capital purposes.

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