Troubled Myrexis opts for liquidation, to disburse cash to shareholders

Tools

Myrexis ($MYRX), a cancer drug developer based in Salt Lake City, Utah, has decided to liquidate its assets. And the developer says that it can get up to $78 million to shareholders after paying off its debts.

It's been a rough year for Myrexis. The company named biotech veteran Richard Brewer as its CEO in May, but he died unexpectedly in August. Myrexis had been whittling away at its employee roster since the failure of its lead cancer drug, Azixa, for glioblastoma multiforme.

"After evaluating the company's strategic options, the board of directors reached the conclusion that it is in the best interest of the shareholders to dissolve and liquidate the Company," said Gerald P. Belle, chairman of Myrexis' board. "The board of directors and management, together with its external advisors, devoted substantial time and effort in identifying and pursuing opportunities to enhance shareholder value; however, that process did not yield a potential transaction which the board viewed as reasonably likely to provide greater realizable value to its shareholders than the complete dissolution and liquidation of the Company in accordance with the Plan of Dissolution."

If anyone wants to buy out the company, speak now or forever hold your peace. Myrexis says that all offers will be considered.

- here's the press release

Related Article:
Biotech pioneer Richard Brewer dies of multiple myeloma