Focus: Gene therapy for Parkinson's
Based: Fort Lee, NJ
Neurologix reportedly filed for bankruptcy early this year with $13 million in debts drowning its $1.2 million in assets, not the kind of lopsidedness creditors like to see on a balance sheet. But apparently that can be the result of a 13-year journey in the neuroscience field.
Not only was Neurologix in the risky neuroscience field, the company was making a daring go at developing an experimental gene therapy for Parkinson's disease. Based on the abysmal stock performance at Neurologix, investors weren't counting on the company to have much success with the product.
When Xconomy caught up to the company in summer 2011, Neurologix was on the hunt for financing as management considered a crossover study after some positive signs in a mid-stage trial of the Parkinson's therapy. The hope was that studying its lead candidate in the control arm from its Phase II could bolster its case to bring the therapy into late-stage development.
It's no pleasure to write that, in biotech, many of the boldest plans with the highest hopes for success end in failure. And as we've said before at FierceBiotech, that's what makes allusive successes in bringing new therapies to patients extremely special.
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