Beleaguered Altus files for Ch. 7 bankruptcy

Altus Pharmaceuticals took another long stride toward the biotech graveyard yesterday, filing for Chapter 7 bankruptcy as it winds down its operations. Once a thriving biotech, Altus laid off 107 workers at the beginning of the year as it circled its wagons around a single growth hormone program.

In a court filing the Waltham, MA-based developer said that it owed anywhere from 200 to 999 creditors up to $10 million, though the Boston Business Journal notes there was no listing of its debt. Altus put a halt to its development work two months ago and announced several weeks ago that it was selling off its equipment.

- read the story from the Boston Business Journal

Releated Articles:
The 2009 Biotech Graveyard
Troubled Altus to run out of cash soon
Altus slashes 107 jobs, narrows research focus
Altus shares nosedive despite Phase III success

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