Point BioMedical folds after investor pulls out
BioSpace takes a look today at the case of Point BioMedical, which is folding its tent after losing the backing of its lead investor. The biotech pulled its NDA for a molecular imaging product as is liquidating its assets. Ex-CEO Tom Feldman says that Vendanta Capital decided not to go ahead with the second tranche of a $50 million financing. The first tranche of $25 million came through in February.
"I can't tell you why they chose not to invest," Feldman told the site.
- read the report from BioSpace
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By Anonymous | Posted 2:38pm | August 26, 2008
Amazing an investor would pull out just like that without a reason if the company was doing well. Feldman can't tell because he is not able to or not willing to tell?
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