Waltham, MA-based Oscient Pharmaceuticals says its auditors have issued a going-concern notice to the company after noting that it may run out of cash. And Oscient--which employs 213 people--says it's brought in Broadpoint Capital to help explore a range of options that includes a possible sale.
In its annual report Oscient announced that it had earned $87 million in revenue but lost $67 million. And it only has $17 million in cash on hand. The company sells Antara and Factive and announced a restructuring in February. Oscient lists two pipeline projects on its web site.
"In recent weeks, we have commenced a process of reaching out to potential strategic partners to explore alternatives for our Company, including the potential sale of the Company," stated Steven M. Rauscher, Oscient's president and CEO. "Our business focus is on cash preservation, sustaining revenues of our existing portfolio, and best positioning the company for the strategic review of alternatives being directed by our advisors at Broadpoint Capital."
- check out the Oscient release