VioQuest Pharmaceuticals has run into a severe cash crunch. The developer says it needs to raise cash now and announced that two top executives have announced their plans to resign after scrambling to either find new funds or sell the company.
The Basking Ridge, NJ-based biotech says that it "has an immediate need for additional capital to cover its current obligations and future operating expenses and fund its clinical development programs. Over the past year, VioQuest has undertaken a broad-based and intensive effort to raise capital, find a strategic partner, or sell the company or its assets either as a whole or the assets related to individual development programs."
Added VioQuest: "We currently do not have the resources to pursue several proposals and solicitations of interests we have recently received and no assurances can be given that we will be able to complete any transaction due to severe resource constraints."
CEO Michael Becker and CFO Christopher Schnittker say they will follow through with their plans to leave "unless the company can cure its breach of their agreements by remitting past due payments."
- read the VioQuest release for more info