Oscient Pharmaceuticals said today that they’re thisclose to selling the company – although not in so many words.

Oscient reported that while it had earned $87M in revenue, it lost $67M. Plus, it only has about $17 million in cash on hand and has about 200+ workers (VP sales made about $317K last year btw).

The company also received a “going concern” warning from its auditors, a not uncommon scenario these days for most public companies in the toilet.

What did CEO Steven Rauscher have to say about the road ahead?

“In recent weeks, we have commenced a process of reaching out to potential strategic partners to explore alternatives for our Company, including the potential sale of the Company. Our business focus is on cash preservation, sustaining revenues of our existing portfolio, and best positioning the Company for the strategic review of alternatives being directed by our advisors at Broadpoint Capital.”

Ouch. The company already axed 100 employees back in February to save them $8M/year, but it appears the move will not be enough.

Oscient markets a version of fenofibrate called ANTARA and an antibiotic called FACTIVE (gemifloxacin mesylate), the former of which is basically a me-too…the latter without competitive advantages.

Which leads me to conclude (or wonder) 2 things:

1. These drugs DO sell so they should definitely find a home (reps: you will perish). Thus, Oscient may die, but the drugs will live on – just needs a bigger and better boat. And…

2. Has the world changed or does your drug just plain SUCK?

Hence the title of our forthcoming post this weekend:

“Has the world changed, or does your company just suck?”

Image from oscient

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