After considering all of its options, Pasadena, CA-based AutoImmune has decided to liquidate its assets and to dissolve the company. The developer had been working on products to treat autoimmune and other cell-mediated inflammatory conditions. The company ran into trouble after the Phase III failure of multiple sclerosis drug dirucotide, a treatment it had been developing with BioMS. In October, AutoImmune retained Junewicz & Co. to explore its strategic options. Shuttering its operations proved to be the best course, and the company plans to distribute all available cash to stockholders.
"After evaluating the Company's strategic options, the Board of Directors reached the conclusion that it is in the best interest of stockholders to liquidate and dissolve the Company," says CEO Robert Bishop in a statement. "In connection with the Company's plans to liquidate, we have begun the orderly wind down of the Company's operations, including seeking purchasers for the Company's intellectual property and other tangible and intangible assets and providing for the Company's outstanding and potential liabilities."
- here's AutoImmune's release