Cash-strapped Vion ponders its next-or last-move

Delisted by Nasdaq, stymied by the FDA on its lead cancer product and suffering from a cash crunch, Vion Pharmaceuticals has brought in the investment banking firm Merriman Curhan Ford & Co. to help ponder its options. Everything is on the table, from restructuring the company and its debt to a sale of the company and assets, gaining an injection of fresh financial support, or liquidation.

Vion hit a stumbling block earlier this year when an FDA advisory committee recommended that it complete its randomized study on Onrigin ahead of an approval. Now it needs to gin some fresh funds in order to move ahead with the study, which is intended as remission treatment for patients that are 60 years of age or older with de novo poor-risk acute myeloid leukemia.

New Haven, CT-based Vion's shares were delisted and moved to over the counter, but since then the stock has tripled, closing yesterday at $1.09. Vion also has a second cancer therapy in clinical trials.

- here's Vion's release
- read the story from Dow Jones