Stull, Stull & Brody Announces Class Action on Behalf of Biopure Share Purchasers.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--Jan. 6, 2004

Also on Behalf of Persons Who Purchased Shares at or Around the

Time That Certain Defendants Were Selling Biopure Shares

Notice is hereby given that a class action lawsuit was filed on January 6, 2004, in the United States District Court for the District of Massachusetts by a plaintiff on behalf of all purchasers of common shares of Biopure Corporation (NASDAQ: BPUR ("Biopure" or the "Company") between March 17, 2003 and December 24, 2003, inclusive (the "Class Period"). In addition, plaintiff in the Complaint that was filed asserts claims on behalf of a subclass of persons who traded contemporaneously with defendants Carl W. Rausch ("Rausch") and Thomas A. Moore ("Moore") (the "Subclass"). Notably, defendant Rausch sold large amounts of his Biopure common share holdings during the Class Period while plaintiff and other members of the Class and Subclass were purchasing their shares. The Complaint alleges that Defendants Rausch and Moore made these sales while in the possession of material adverse non-public information about the Company as described below.

The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and that defendants Rausch and Moore also violated Section 20(A) of the Exchange Act. Section 20(A) requires that insiders who illegally sold their shares of Biopure stock give up their gains from these sales to persons who purchased their shares. The Complaint alleges that the defendants made numerous positive and misleading statements in Biopure's public filings and press releases about the progress of the Biopure's licensing application with the Food and Drug Administration ("FDA") for one of the Company's primary products -- Hemopure. In particular, defendants from the start of the Class Period concealed the fact that the FDA had raised significant "safety concerns" about Hemopure because of adverse clinical data about this drug obtained from its use with orthopedic surgical patients and that the FDA had, in fact, put a hold on further trials of this drug with trauma patients. In addition to several public offerings that took place during the Class Period, as noted above, certain defendants were unloading large amounts of their Biopure common shares while in possession of non-public information about the halt of clinical trials with trauma patients and other material adverse non-public information about Hemopure while plaintiff and members of the proposed Class and Subclass were buying shares.

Under pressure from an investigation by the Securities Exchange Commission on December 24, 2003 Biopure stunned the investing public by finally announcing that the FDA had halted further trials of Hemopure because of safety concerns and that commercial release of Hemopure would be delayed beyond mid-2004. The market reaction to news of the truth was quick. On the first day after the news was announced Biopure common shares lost 16% of their value falling to $2.43 per share from a Class Period high of $8.25 on August 21, 2002 when plaintiff bought many of his Biopure shares.

If you are a member of the Class and/or Subclass, you may, not later than March 1, 2004 move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Howard T. Longman at Stull, Stull and Brody by calling toll-free at 1-800-337-4983, or by e-mail at [e-mail], or by fax at 212/490-2022, or by writing to Stull, Stull and Brody, 6 East 45th Street, New York, NY 10017.