What Happened: Anesiva's problems began in 2008 when the company elected to stop making transdermal pain patch Zingo due to continuing manufacturing problems. When job cuts and a going-concern notice followed, Anesiva attempted to stay afloat by inking a merger pact with Arcion Therapeutics. But the deal came with some tough provisions, including a requirement that Anesiva raise $20 million from a stock sale and clean up some debts. The South San Francisco-based company announced in late 2009 it couldn't complete a planned merger, and would instead cease operations and file for bankruptcy.
AutoImmune - 2010 Biotech Graveyard
What Happened: AutoImmune, which had been working on products to treat autoimmune and other cell-mediated inflammatory conditions, started its downward slide after reporting lackluster results from a Phase III failure of multiple sclerosis drug dirucotide, a treatment it had been developing with BioMS. The developer hired Junewicz & Co. to explore its strategic options. After the review proc
ConjuChem - 2010 Biotech Graveyard
What Happened: ConjuChem was developing a diabetes drug and a long-acting insulin. After experiencing an extended period of financial turmoil, and announced in in January 2010 that the company was looking for buyers. With no offers materializing, the company filed for bankruptcy in 2010. There's no word yet on what will happen to the company's portfolio of drugs.
Hawaii Biotech - 2010 Biotech Graveyard
What Happened: Hawaii Biotech was developing vaccines for dengue fever to West Nile virus. Despite successful trials, the company said earlier this year that it was running out of cash and requested that it's Chapter 11 filing be converted to to a Chapter 11 363(b) asset sale provision. An auction of the company's holdings was scheduled for July, and Merck agreed to purchase the bankrupt biotech's dengue fever vaccine unit for an undisclosed sum. There's no word on what happened the Hawaii's West Nile virus vaccine.
Middlebrook Pharmaceuticals - 2010 Biotech Graveyard
What Happened: Middlebrook has been in a downward slide for the better part of two years. The developer went through two rounds of layoffs in 2009, and in March announced that it was eliminating its field sales force and significantly reducing its corporate staff to preserve money as it explored its options. As part of the cut-backs, CEO John Thievon resigned. The company filed for Chapter 11 bankruptcy in April and Victory Pharma is purchasing all the company's assets for $17.1 million the following month. Middlebrook's only marketed drug was Moxatag for sore throat, which it was commercializing through DoctorDirectory.com.
Neuropharm - 2010 Biotech Graveyard
What Happened: Neuropharm's shares took a beating early last year after the biotech reported that its late-stage trial for an experimental autism therapy flunked its primary endpoint. Though its stock was revived upon rumors that it was getting close to a deal for NPL-2008, the deal never materialized. In April the developer opted for a voluntary liquidation, saying it would have sufficient funds to return money to its shareholders after paying creditors. There are no ongoing trials of NPL-2008.
Vion Pharmaceuticals - 2010 Biotech Graveyard
What Happened: Faced with an FDA demand to mount a new clinical trial for its late-stage cancer therapy, Vion Pharmaceuticals Chapter 11 bankruptcy protection in December. The developer didn't have enough money to conduct the trial. Vion said its experimental drug assets were for sale and that the company would have to liquidate.
No comments:
Post a Comment