Advanced Viral Research says that it will suspend operations after running out of cash and failing to raise new money. The 22-year-old company has two programs in mid-stage development--AVR-118 and AVR-123--for dermatology and symptoms resulting from cancer and HIV-AIDS.
The developer owes YA Global an outstanding principal amount of $1,952,000 plus accrued and unpaid interest of approximately $220,000. But AVR says it has no way to pay the debt and has no deals in the making that would provide the cash to do so.
- read the release
ALSO: Maryland-based biotech Alba Therapeutics announced layoffs this month. Alba's 22 pink slips represents about half of its workforce. Report