San Diego-based Akesis Pharmaceuticals is calling it quits, opting to file for Chapter 7 bankruptcy after anlayzing data from its sole remaining development program. Akesis has been advancing AKP-020, a Phase IIa drug candidate for the treatment of diabetes mellitus. After data from a three month preclinical safety program showed that AKP-020 caused kidney changes in patients, the company determined that the drug would not be a viable candidate for a chronic disease.
"Based on the discontinuation of our sole clinical development program, our cash position and current economic conditions, we have determined that we can no longer operate as a business enterprise," Carl LeBel, Ph.D., president and chief executive officer said in a statement.
Lebel took over in November of 2008, after then president and CEO Jay Lichter assumed the position of executive chairman of the board of directors.
- check out the press release