Orchestra Therapeutics, the company formerly known as Immune Response, has filed for Chapter 7 bankruptcy. Orchestra was co-founded by polio vaccine creater Jonas Salk in 1986, and became a Wall Street favorite when its AIDS vaccine Remune showed activity against the virus. However, when the vaccine didn't pan out, Orchestra switched its focus to a multiple sclerosis treatment called NeuroVax.
Perhaps NeuroVax will live to see another day at whatever company buys Orchestra's assets, but years of trying to develop drugs without any profits has finally caught up with the company. "In its filing, Orchestra included a long list of creditor claims, including the city of Carlsbad, seeking $335; Delaware's Division of Corporations, seeking $288,000; Gazzard-St. Stephen's Research Ltd. in the U.K., seeking $195,000; Levit Zacks Accounting, seeking $59,000; the Nasdaq stock market, seeking $31,000; and Shred It in Vista, seeking an amount described as 'unknown,'" notes the North County Times
- see the report for more