A group of Houston investors have transformed the defunct operations of Introgen Therapeutics into a contract manufacturing organization. The Austin-based biotech was in the midst of bankruptcy proceedings after slashing its staff down to 15 and filing for Chapter 11 last December.
Shortly after filing for bankruptcy, the developer's CEO and officers resigned, leaving Chief Operations Officer David Enloe to figure out what to do with company's three groups: manufacturing patents, therapeutic drug assets and manufacturing-related assets. In June, a private group of investors purchased Introgen's manufacturing-related assets, which included a contract manufacturing subsidiary that employed Introgen's only remaining employees.
The grouped formed the Houston-based contract manufacturing organization Vivante GMP Solutions. "We were in the process of spinning out Vivante when Introgen had to file for bankruptcy," says Enloe, "so we had to continue the process as a purchase of assets and spin it out in a different way."
Introgen has no remaining employees, but still holds therapeutic assets. Enloe doesn't believe the developer will survive bankruptcy, but hopes an asset sale happens soon.
- more on Vivante from the Houston Business Journal