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Company: Nanogen
Based: San Diego, CA
What went wrong: Nanogen had planned to merge with the French company Elitech Group last summer, but the deal collapsed when Elitech didn't get its financial statements to comply with U.S. accounting rules. The once high-flying diagnostic company filed for Chapter 11 bankruptcy protection in May; it now plans to sell off almost all its assets Elitech for $25.7 million.
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