Who are the latest crappy biotechs to finally realize they’ve blown through tens of millions of investor dollars and have minimal or nothing to show for it? OK OK, we’re just busting balls here, but let’s be honest, all these VC funded startups have drawn the short stick and (most) are about to be left behind. With 25-50% of all the public biotechs out there left having only 6 months of green and start-ups struggling to woo the old VC boys, which cash-strapped companies are the latest to stretch the Almighty Dollar? Here’s the latest:

Aegerion Pharmaceuticals - canceled it’s IPO citing “market conditions”. The MTPI inhibition focused company has been around since 2005 and has about $14M in cash left. Lead compound AEGR-733 is in Phase III testing to treat homozygous familial hypercholesterolemia (HoFH), with data expected YE10. The oral small molecule inhibitor of microsomal triglyceride transfer protein (MTP) has Orphan Drug designation from FDA. Source

Panacos Pharmaceuticals - Panacos is laying off 18 of 33 workers and trying to sell part of the company. Last month, the struggling firm paid $18 million to Hercules Technology Growth Capital after a loan deal was terminated. The company only has $4.7 million in the bank (yikes!). Panacos’ Bevirimat (PA-457), a maturation inhibitor, is currently in Phase IIb clinical studies in HIV-positive patients.Source

Titan Pharmaceuticals – this one just keeps getting worse and worse. Titan is canning more employees and CEO Marc Rubin and COO Sunil Bhonsle have entered into separation agreements but have agreed to assist the Company during the next six months. The company is also delisting itself from the AMEX and focusing all its efforts on maximizing value of its Probuphine program. Source

Adventrx Pharmaceuticals - trading at less than a dime, Adeventrx is also trying to sell itself or its assets. The cancer focused company has a Vinorelbine emulsion and Docetaxel emulsion in clinical development which hardly satisfy the needs of investor appetite. Though the markets are huge, the future is biologics and personalized, genomic-focused NCEs. Should have went public 4 years ago. Source

Stay tuned for more companies on the brink…

Image from capspackaging

Related Posts