Introgen files for Chapter 11
This article was originally published in Scrip
Executive Summary
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.
You may also be interested in...
Myotec and Hybrid merge to form PsiOxus
Myotec Therapeutics and Hybrid Biosystems are to merge to form PsiOxus Therapeutics with £3.6 million in funding from a syndicate led by the former's previous backer Imperial Innovations.
Trophos's MitoCare programme receives €6 million EU funding
A Phase II efficacy and safety study of Trophos' cholesterol-oxime compound TRO40303 to treat cardiac ischaemia-reperfusion injury in acute myocardial infarction patients will be substantially underwritten by funds from the European Union, the Marseilles-based company says. Trophos is to head a new 16-partner consortium called MitoCare, a 2.5 year international translational medicine project that has received a €6 million award under the European Union Seventh Framework Programme for research. The project will begin in January 2011.
Novartis and Alcon reach compromise to settle merger saga
Alcon's board of directors has finally approved a merger agreement with Novartis for the Alcon shares the latter does not already own, drawing a close to protracted negotiations that first began nearly a year ago.