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Tuesday, September 15, 2009, 9:15am EDT | Modified: Tuesday, September 15, 2009, 11:26am
Altus Pharmaceuticals to 'wind down'
Boston Business Journal - by Craig M. Douglas
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Drug developer Altus Pharmaceuticals Inc. is winding down its business and has engaged creditors and vendors to “maximize the value of its assets,” the company said in a regulatory filing late Monday.
In doing so, Altus has suspended its phase 2 clinical trial for a growth-hormone therapy and is eliminating “substantially all of its remaining employees” over the next six weeks.
Effected employees have been notified and will receive lump-sum severance payments.
The Cambridge, Mass.-based company said the decision to shutter the business was finalized Sept. 11.
Altus (Nasdaq: ALTU) said $2.7 million in restructuring charges will be recognized in the third and fourth quarters.
In August, the struggling drug maker secured an option to pay $1.5 million for all of its preferred stock owned by Vertex Pharmaceuticals Inc.
The option, if exercised, would retire Vertex’s claims to some $2.3 million in accrued dividend payments as well as $4.5 million in potential payments owed by Altus.
It is unclear whether Altus’ decision to “wind down” will trigger any payments in the Vertex agreement. As it stands, the deals says a move to liquidate would give Vertex a substantial claim to Altus’ cash prior to any payments to common stockholders.
In a recent regulatory filing, Altus said it would likely run out of cash by October. As of June 30 the company had $8.1 million in cash and cash equivalents on hand.
Altus Pharmaceuticals to 'wind down'
Boston Business Journal - by Craig M. Douglas
Receive email alerts about Altus Pharmaceuticals Inc.
Print Email Reprints RSS Feeds Add to Del.icio.us Digg This Comments (1)
Related News
Delisting deadline may loom for local companies
Altus CEO resigns
Altus losses top $20M in Q3
RE market sinks as biotechs go to 'burbs
Berkle leaves top posts, board seat at Altus
Drug developer Altus Pharmaceuticals Inc. is winding down its business and has engaged creditors and vendors to “maximize the value of its assets,” the company said in a regulatory filing late Monday.
In doing so, Altus has suspended its phase 2 clinical trial for a growth-hormone therapy and is eliminating “substantially all of its remaining employees” over the next six weeks.
Effected employees have been notified and will receive lump-sum severance payments.
The Cambridge, Mass.-based company said the decision to shutter the business was finalized Sept. 11.
Altus (Nasdaq: ALTU) said $2.7 million in restructuring charges will be recognized in the third and fourth quarters.
In August, the struggling drug maker secured an option to pay $1.5 million for all of its preferred stock owned by Vertex Pharmaceuticals Inc.
The option, if exercised, would retire Vertex’s claims to some $2.3 million in accrued dividend payments as well as $4.5 million in potential payments owed by Altus.
It is unclear whether Altus’ decision to “wind down” will trigger any payments in the Vertex agreement. As it stands, the deals says a move to liquidate would give Vertex a substantial claim to Altus’ cash prior to any payments to common stockholders.
In a recent regulatory filing, Altus said it would likely run out of cash by October. As of June 30 the company had $8.1 million in cash and cash equivalents on hand.
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meshaldo
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ياشباب انا شريت فيها اليوم
وباجر بشتري بعد
انا شفت التشارت للشركة كانت ب25 دولار والحين سعرها 2. سنت
اهي مغامره لعل وعسى يتعدل وضع الشركة
واذا ماتعدل ماراح انصدم لأن 88 بنك امريكي اعلن افلاسة
مثل ماقلت اهي مغامره اذا افلست لاحول ولا قوه واعتبرها تجربة فاشلة
واذا قامت الشركة على رجولها مره ثانية وتعدل وضعها راح تتدوبل فلوسنا لايقل عن 5 مرات
فالكم الربح
عموما انا جربتها على فلتر بوهاني وتجاوزت النسبة
واذا فيها شبهه بلغونا خلونا نبيع
اللهم اغنيي بحلالك عن حرامك واغنني بفضلك عمن سواك
وباجر بشتري بعد
انا شفت التشارت للشركة كانت ب25 دولار والحين سعرها 2. سنت
اهي مغامره لعل وعسى يتعدل وضع الشركة
واذا ماتعدل ماراح انصدم لأن 88 بنك امريكي اعلن افلاسة
مثل ماقلت اهي مغامره اذا افلست لاحول ولا قوه واعتبرها تجربة فاشلة
واذا قامت الشركة على رجولها مره ثانية وتعدل وضعها راح تتدوبل فلوسنا لايقل عن 5 مرات
فالكم الربح
عموما انا جربتها على فلتر بوهاني وتجاوزت النسبة
واذا فيها شبهه بلغونا خلونا نبيع
اللهم اغنيي بحلالك عن حرامك واغنني بفضلك عمن سواك
المحرر
عضو نشط
- التسجيل
- 12 نوفمبر 2006
- المشاركات
- 159
المحرر
عضو نشط
- التسجيل
- 12 نوفمبر 2006
- المشاركات
- 159
البشاره
عضو نشط
دورة المؤشرنت للتحليل الفني
50 دينار كويتي