TorreyPines: The 2009 Biotech Graveyard

Company: TorreyPines Therapeutics
Based: TorreyPines, CA

What went wrong: When TorreyPines went public three years ago, the company had $80 million in the bank. But things began to fall apart for the developer in 2007 when investors punished the company for unimpressive data on its migraine drug. TorreyPines headcount was reduced to just three people by June, when it became apparent that the company would not be able to do what it needed to in order to survive the credit crunch.