I tell you, without Britney Spears showing her panties or Paris going to jail, PerezHilton must be bored. Likewise for us. Without employee cans, and companies and drugs in the crapper, we get very lonely and frustrated

That being said, we have a new one to add to the graveyard: Akesis Pharmaceuticals is filing for Chapter 7. I know I know, we’re freakin sick!

Just earlier this year the company announced that their vanadium-based therapy for diabetes (called AKP-020) had been successful in a placebo-controlled study. Then, in Nov 2008, they made a press release saying that they wanted to “expand” their business by in-licensing additional technologies.

Well now it looks like giving Vanadium to humans might not be so smart - you might blow out your kidneys (renal failure?). CEO Carl LeBel said:

“After analyzing the data from our three-month preclinical safety program, we have decided to discontinue the diabetes program and not pursue further regulatory submissions for this indication. Based on the renal changes resulting from the doses used in our preclinical safety program, the Company and its expert advisors have determined that the safety profile of AKP-020 makes it no longer viable as a drug candidate in a chronic disease setting.

Ehhh…uhhh…shouldn’t you have done the preclinical safety first?

Anyway, it goes on:

Based on the discontinuation of our sole clinical development program, our cash position and current economic conditions, we have determined that we can no longer operate as a business enterprise.”

At least the CFO made $100K. Wonder how much LeBel got paid.

R.I.P. Vanadium…

Here’s the full press release from Akesis

Image from about.com

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