Set forth below is selected financial data for the five years ended October 31, 2001.

			Fiscal Year Ended October 31,
In thousands, except per share data			2001				2000				1999				1998				1997
Statements of Operations Data:
Total revenues			$	3,489			$	3,063			$	2,866			$	1,131			$	—
Cost of revenues				3,665				4,778				6,814				1,543				—
Gross profit (loss)				(176	)			(1,715	)			(3,948	)			(412	)			—
Operating expenses:
	Research and development			34,609				26,378				24,166				22,950				23,494
	Sales and marketing			2,807				2,463				2,922				2,444				694
	General and administrative			15,365				9,878				5,266				4,660				2,920
Total operating expenses				52,781				38,719				32,354				30,054				27,108
Loss from operations				(52,957	)			(40,434	)			(36,302	)			(30,466	)			(27,108	)
Total other income, net				3,538				4,356				772				419				(310	)
Net loss				(49,419	)			(36,078	)			(35,530	)			(30,047	)			(27,418	)
Stock dividends on preferred stock				—				—				(17,915	)			—				—
Net loss applicable to common stockholders			$	(49,419	)		$	(36,078	)		$	(53,445	)		$	(30,047	)		$	(27,418	)
Basic net loss per common share			$	(1.97	)		$	(1.51	)		$	(3.61	)		$	(2.41	)		$	(2.23	)
Weighted-average common shares     outstanding				25,066				23,947				14,813				12,460				12,300
Pro forma basic net loss per common share											$	(2.62	)		$	(1.65	)
Pro forma weighted-average common shares     outstanding												20,369				18,237

		At October 31,
In thousands			2001				2000				1999				1998				1997
Balance Sheet Data:
Cash and cash equivalents		$	36,089			$	88,828			$	30,778			$	6,063			$	13,527
Total current assets			42,249				95,920				38,277				13,175				15,221
Working capital			35,952				84,928				27,872				1,986				5,368
Net property and equipment			30,162				25,061				27,447				29,606				27,408
Total assets			84,187				121,287				66,230				44,848				44,054
Long-term debt (including current portion)			5,205				—				—				6,000				8,000
Common stock to be repurchased			—				—				—				6,300				6,300
Total stockholders’ equity			70,893				108,510				54,037				21,449				20,222

     The following is a summary of quarterly (unaudited) financial results:

				4Q ’01				3Q ’01				2Q ’01				1Q ’01				4Q ’00				3Q ’00				2Q ’00				1Q ’00
In thousands, except per share data
Statements of     Operations Data:
Total revenues				$	970			$	946			$	838			$	735			$	920			$	836			$	710			$	598
Gross profit (loss)					(108	)			43				(76	)			(35	)			(352	)			(379	)			(392	)			(591	)
Operating expenses:
	Research and     development				7,123				10,297				9,002				8,187				3,747				6,229				8,143				8,259
	Sales and marketing				737				784				664				622				698				617				569				579
	General and     administration				2,001				1,538				8,753				3,073				3,501				1,529				1,736				3,112
		Total operating     expenses			9,861				12,619				18,419				11,882				7,946				8,375				10,448				11,950
Loss from operations					(9,969	)			(12,576	)			(18,495	)			(11,917	)			(8,298	)			(8,754	)			(10,840	)			(12,541	)
Other income, net					578				654				990				1,316				1,502				1,563				933				358
Net loss				$	(9,391	)		$	(11,922	)		$	(17,505	)		$	(10,601	)		$	(6,796	)		$	(7,191	)		$	(9,907	)		$	(12,183	)
Per share data:
	Basic net loss per     common share			$	(0.37	)		$	(0.47	)		$	(0.70	)		$	(0.42	)		$	(0.27	)		$	(0.29	)		$	(0.42	)		$	(0.55	)
	Weighted-average shares     used in computing     basic net loss per     common share				25,208				25,134				24,958				24,960				24,937				24,933				23,580				22,282

     In the third quarter of fiscal 2001, research and development expenses include a one-time expense of $1,604,000, of which $1,511,000 is non-cash, for intellectual property and pre-clinical studies related to the acquisition of Reperfusion Systems, Inc., an inactive company 26% owned by Biopure prior to the acquisition.

     General and administrative expenses include non-cash compensation expense for stock options and warrants granted to certain consultants and directors. This non-cash compensation must be accounted for at fair value, per SFAS 123 and EITF 96-18, and be amortized over the vesting period and revalued each quarter based on the closing stock price. The quarterly expenses/ (credits) to operations for fiscal 2001 were ($80,000), ($793,000), $6,370,000 and $1,347,000 for the fourth, third, second and first quarters, respectively. The quarterly expenses/ (credits) to operations for fiscal 2000 were $1,895,000, ($34,000), $131,000 and $1,688,000 for the fourth, third, second and first quarters, respectively.