Introgen files for Chapter 11
This article was originally published in Scrip
Introgen Therapeuticshas filed Chapter 11 petitions in the US Bankruptcy Court to enable the company to implement its reorganisation strategy. Introgen cut its staff from 45 to 15 employees to focus on the expansion of its manufacturing and service subsidiary Introgen Technical Serviceslast month. The company expects that its non-manufacturing operations will be significantly reduced and will mainly support achieving regulatory approval for its gene therapy drug Advexin. The FDA issued a refusal to file decision on Advexin in September saying that the application was not sufficiently complete (Scrip Online, September 5th, 2008). Since then, the company's share price has plummeted and in October it received a warning letter from the Nasdaq saying that its common stock had been below the required $1.00 minimum bid price for the past 30 days. Introgen is seeking approval to market its therapeutic portfolio and other assets to prospective buyers and expects to emerge from Chapter 11 next year.