Altus Pharmaceuticals took another long stride toward the biotech graveyard yesterday [1], filing for Chapter 7 bankruptcy as it winds down its operations. Once a thriving biotech, Altus laid off 107 workers at the beginning of the year as it circled its wagons around a single growth hormone program.
In a court filing the Waltham, MA-based developer said that it owed anywhere from 200 to 999 creditors up to $10 million, though the Boston Business Journal notes there was no listing of its debt. Altus put a halt to its development work two months ago and announced several weeks ago that it was selling off its equipment.
- read the story [2] from the Boston Business Journal
Releated Articles:
The 2009 Biotech Graveyard [3]
Troubled Altus to run out of cash soon [4]
Altus slashes 107 jobs, narrows research focus [5]
Altus shares nosedive despite Phase III success [6]
Links:
[1] http://www.fiercebiotech.com/special-reports/altus-pharma-2009-biotech-graveyard
[2] http://boston.bizjournals.com/boston/stories/2009/11/09/daily26.html
[3] http://www.fiercebiotech.com/special-reports/2009-biotech-graveyard
[4] http://www.fiercebiotech.com/story/troubled-altus-run-out-cash-sept/2009-08-05
[5] http://www.fiercebiotech.com/story/altus-slashes-107-jobs-narrows-research-focus/2009-01-27
[6] http://www.fiercebiotech.com/story/altus-shares-nosedive-despite-phase-iii-success/2008-08-12