AtheroGenics: The 2009 Biotech Graveyard

Company: AtheroGenics
Based: Alpharetta, GA

What went wrong: AtheroGenics filed for bankruptcy due to its debt burden, which made it almost impossible for the company to effectively develop its primary asset, AGI-1067, a promising late-stage drug that, according to clinical data, could prevent heart attack and stroke by controlling blood sugar. The company agreed to sell its assets to Crabtree Acquisition for $2 million.