Beleaguered Ambrilia faces bankruptcy

Canada's Ambrilia, which has been struggling since 2009 to stay afloat, announced today that it's planning to file for bankruptcy. Its problems began during the credit crisis when the company alerted investors that it didn't have enough cash on hand to meet its obligations. Ambrilia has been steadily shedding jobs and assets since then. The company's stock was delisted last month after failing to meet minimum listing requirements on the Toronto Stock exchange.

All of Ambrilia's directors have resigned; its CEO and CFO were laid off almost two years ago. The developer did not indicate what it plans to do with its remaining assets; Ambrilia's product portfolio is comprised of oncology and antiviral assets, according to a statement.

- read the Ambrilia release