Chromos Molecular Systems, a small Canadian drug developer, says it is laying off about half of its 25 workers and is preparing to file for bankruptcy. In a statement released on Thursday, the company said that it would need additional funds to restructure and said that additional cuts would be forthcoming without financial help. Chromos recently scrapped plans for a $4 million offering after talks on a collaboration deal evaporated. And earlier this month creditors demanded repayment on a $2.2 million convertible bridge loan, triggering a rush to find new financing. Chromos' lead program is CHR-1103, which is in development for multiple sclerosis.
- see this release on the restructuring
- check out the CP report on Chromos' woes
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