Just days after announcing plans to slash its staff from 45 to 15, Austin-based Introgen Therapeutics has filed for Chapter 11 bankruptcy protection and is looking to sell its drug portfolio. Introgen stock had been trading at $4.50 a share a year ago but has now dropped to 24 cents. Serious trouble hit the company last summer as analysts raised doubts about its cancer drug Advexin. The FDA rejected its application for the therapy in September.
"In light of our current financial state and recent market conditions, the company believes today's actions represent the wisest alternative for our shareholders, creditors and other stakeholders," says David Enloe, Introgen's president and chief executive officer. "We are very optimistic about the promise of our contract manufacturing business and will continue to focus on growing our customer base in this area. At the same time, we will continue to work with our investment banking and other advisers to explore financial alternatives for our therapeutic portfolio."
- here's Introgen's release
- read the report from the Austin Business Journal
ALSO: Symyx Technologies, an R&D tech company, announced plans to restructure, shedding 15 percent of its work force. Release