BIOPURE TO RAISE $11.3 MILLION THROUGH SALE OF COMMON STOCK

Biopure has obtained commitments from institutional and individual investors to purchase approximately $11.3 million of its common stock for anticipated net proceeds to Biopure of approximately $10.4 million. Under the terms of the transaction, Biopure expects to sell 22.2 million shares of its common stock at $0.51 per share. The offering is expected to close on Jan. 10, 2005.

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