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Tiny Amulet throws in the towel, puts itself up for sale
Tiny Amulet Pharmaceuticals says it's a prime example of the dire fate awaiting many small developers with promising technology and a long road to travel before it can hit discovery paydirt. The credit crisis has forced the biotech--which moved from Baltimore to Rockville, MD just a year ago--to lay off five of its eight R&D and administrative staffers and put itself up for sale.
"It's a difficult financing market, and the corporate market is much better than any private financing," CEO Craid Liddell told the Washington Business Journal. "No deals are [happening] on the financing side." These days, he says, the best valuation can be achieved in a sale. Liddell joined the company in August after arranging the sale of Artesian Therapeutics for $64 million.
Amulet has been developing a treatment that "spurts nitric oxide throughout the body to act as anything from a disinfectant to a blood thinner," according to the Business Journal.
- read the report from the Washington Business Journal
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Comments (3) | Post a comment
Comments
By Anonymous | Posted 2:51pm | November 24, 2008
I am sorry, I cannot take this any longer. Craig Liddell never arranged the sale of Artesian Therapeutics, nor did he have any involvement in its sale to Cardiome Pharma and was not even employed by the company at the time Artesian during the due diligence period. He was never was a co-founder of Artesian.
By Anonymous | Posted 7:30pm | November 30, 2008
Sounds like Liddell and Raulli share a number of common traits.
By Anonymous | Posted 10:54am | December 1, 2008
Unfortunate.. I too concur with the above comments.
