VitalMedix - 2010 Biotech Graveyard
Company: VitalMedix
Based: Hudson, Wisconsin
What Happened: University of Minnesota spin-out VitalMedix filed for Chapter 7 bankruptcy in February after it was unable to secure early-stage venture financing. The developer had secured about $1.2 million in funding to support development of Tamiasyn, a drug which VitalMedix had hoped would help patients survive the shock of severe blood loss. But $6 million more was needed, and VitalMedix couldn't come up with the money. University of Minnesota retains IP related to Tamiasyn and plans to continue research on the drug, which was still in animal trials.
Comments