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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