Alizyme makes last-ditch effort to raise new funds

The UK's Alizyme is mounting an 11th-hour effort to stay alive. In a statement released today the developer said that its cash reserves would only carry the company through August and that it would be forced into bankruptcy or liquidation unless it raised fresh cash.

A strategic review is underway and the company is signaling that 'significant' layoffs are coming. Investors saw the blood in the water and bailed out as fast as possible, sending the company's already battered share price down 63 percent to two pence.

Alizyme funds itself from the milestones due on its program for Colal-Pred, but "material uncertainty" has developed over the receipt of money due from the pact. Alizyme has one drug candidate that has completed a Phase III clinical trial, according to its web site, one candidate in Phase III development and a further candidate with Phase II ‘proof of concept' data in its development portfolio.

- check out the Alizyme release
- read the report from Reuters