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