ITEM 1.01 Entry into a Material Definitive Agreement.

In connection the Company's previously disclosed bankruptcy filing, on July 16, 2009 the Company entered into an asset purchase agreement with OPK Biotech LLC (the "Purchase Agreement") for the sale of substantially all of its assets. Under the terms of the agreement, OPK Biotech LLC will pay the Company $2.6 million and will provide debtor-in-possession financing up to $500,000. The sale is subject to customary closing conditions, approval of the Bankruptcy Court and the conduct of a Bankruptcy Court supervised auction process in which the Company will seek competing bids to achieve the highest price possible for its assets.

ITEM 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On July 17, 2009, Biopure Corporation (the "Company") received notice from The Nasdaq Stock Market ("Nasdaq") stating that the Company's common stock would be delisted from Nasdaq because of concerns arising out of the Company's filing for protection under Chapter 11 of the Bankruptcy Code. According to the notice, trading will be suspended at the opening of business on July 28, 2009.

The Company does not intend to appeal this decision.

On July 17, 2009, the Company issued a press release announcing its receipt of the Nasdaq's notification. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release issued by the Company on July 17, 2009

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