ConjuChem has filed for bankruptcy, with all its assets being liquidated and all executives resigning their posts. The Montreal-based company has been in financial turmoil for some time, and had been looking for buyers since January 2010. With no offers materializing, the company will have to shut its doors. ConjuChem was pursuing the developing long-acting diabetes treatments, and there's no word yet on what will happen to the company's portfolio of drugs.
ConjuChem is the latest in a long list of biotechs that have been forced to close following the financial crisis, though biotech bankruptcies have tapered off since reaching a peak in 2009.
- read the report
- check out the 2009 Biotech Graveyard