Altus Pharma: The 2009 Biotech Graveyard

Company: Altus Pharmaceuticals
Based: Cambridge, MA

What went wrong: In a September SEC filing, Altus Pharma announced plans to wind down its operations after failing to raise enough money to support its operations. Earlier in the year the company had refocused its business on developing ALTU-238, a treatment for adult and pediatric patients with growth hormone deficiency. It successfully completed Phase II trials of the drug, but further development has been suspended as the company has laid off almost all of its remaining employees.