ANNUAL REPORT 2002
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Board of Directors and Stockholders
Biopure Corporation
We have audited the accompanying consolidated balance sheets of Biopure Corporation (the Company)
as of October 31, 2002 and 2001, and the related consolidated statements of operations, stockholders' equity,
and cash flows for each of the three years in the period ended October 31, 2002. These financial statements are
the responsibility of the Company's management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Biopure Corporation as of October 31, 2002 and 2001, and the consolidated
results of its operations and its cash flows for each of the three years in the period ended October 31, 2002, in
conformity with accounting principles generally accepted in the United States.
As discussed in Note 1 to the consolidated financial statements, the Company's recurring losses from
operations and the current lack of suÇcient funds to sustain its operations through the second quarter of fiscal
2003, raise substantial doubt about its ability to continue as a going concern. Management's plans as to these
matters are described in Note 1. The 2002 consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
December 9, 2002, except for
Note 12, as to which the date
is December 31, 2002
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