Company: Advanced Life Sciences

Based: Chicago, IL

Scoop: Advanced Life Sciences' future was bright in 2007. The developer had secured trial data strong enough to pursue an NDA for its antibiotic cethromycin, which was intended to treat community-acquired pneumonia, with additional potential indications. That NDA followed in 2008.

Money got tight for the developer in 2009, as it did for many smaller developers in the industry, and ALS opted to cut 30% of its staff as it awaited FDA's word on its antibiotic application. But the nail in the coffin came after an expert panel ruled that ALS's drug was safe but not effective, prompting the FDA to issue a complete response letter. The developer began exploring its strategic alternative in early 2011 and by early May opted to suspend its operations due to lack of sufficient funds.