....when compared with conventional human blood transfusions.
To add some back history on this company and its product:
http://www.boston.com/business/technology/biotechnology/articles/2005/09/15/sec_sues_biopure_and_three_executives/">SEC sues Biopure and three executivesRegulator: Group hid FDA drug concerns
By Ross Kerber, Globe Staff
September 15, 2005
Securities regulators yesterday alleged Biopure Corp. and three current and former executives schemed to hide criticism of its blood substitute even as the Cambridge biotechnology company gave investors upbeat reports to raise cash.
In a harshly worded civil complaint filed in US District Court in Boston, the Securities and Exchange Commission said Biopure, its former chief executive, Thomas Moore, current general counsel, Jane Kober, and another executive in 2003 failed to tell investors that the Food and Drug Administration had safety concerns about the company's Hemopure product.
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The allegations cap a long investigation and mark one of the most extensive cases filed by the SEC since it pledged with the FDA to work more closely to police the claims of drug makers. The agency wants to levy an unspecified fine against Biopure. That could be a relatively light penalty if it doesn't prevent the further development of Hemopure.
But new details of the FDA's safety concerns spelled out in the SEC complaint could make it harder for the US Navy to proceed with its plan to test the company's blood substitute on patients.
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According to the SEC's complaint, in March 2003 the company applied to test Hemopure on trauma patients, but the request was denied by the FDA over concerns about health risks seen in a previous trial.
In one lengthy letter the FDA told the company it couldn't conduct the new clinical trial because of ''an unreasonable and significant risk of illness or injury," according to the complaint. Later, the FDA also cited ''extensive and significant deficiencies in Biopure's application," the complaint states.
Also, the SEC said the FDA told Biopure in an April 25 letter that in an earlier clinical trial Hemopure ''was associated with a higher incidence of . . . death and cardiac arrest" compared with traditional human blood transfusions. But Biopure didn't mention the safety problems in a prospectus it filed May 6 to the SEC to sell more shares, the agency said.
And an Aug. 1, 2003, press release ''gave the false impression the company had received positive news from the FDA," the agency said. That day, the company's stock rose 22 percent, to $43.80, adjusted for reverse splits. It has fallen sharply since and fell 14 cents yesterday to close at $1.29 in Nasdaq trading.
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Three other individuals had received notices indicating the SEC might file actions against them as well, but they weren't named in the complaint yesterday. One was Biopure chairman Charles Sanders, who has since been told by the SEC he won't face actions, according to his attorney, Terence J. Lynam of Akin Gump in Washington, D.C. Another was former board member J. Richard Crout, who couldn't be reached for comment.
Also, there has been some discussion of an "opt-out" version of consent for the use of this product, which obviously does not protect a patient from receiving it, who is not aware of these clinical trials beforehand.
IMO, it is unethical to test any medical product, device or procedure on any patient without informed, advance consent of the patient or patient advocate. Add this to the active effort by this pharmaceutical company to conceal the documented safety concerns with this product, and there is marked diminution of ethical standards.
The Navy wants to test the product, derived from cow blood, on civilian trauma victims in emergency situations. It proposes doing so without obtaining their consent in advance, as is customary in clinical trials.
The substitute blood, called Hemopure, would be given on the way to the hospital to patients ages 18 to 69 who have lost dangerous amounts of blood. It would substitute the saline fluids typically given in ambulances when donated blood is unavailable for transfusion.
Three times since June 2005, the Food and Drug Administration has blocked Hemopure trials from starting. Each time, it has cited safety concerns. Its manufacturer, Biopure Corp., based in Cambridge, Mass., contends that the benefits of Hemopure outweigh its risks.