j*****7
发帖数: 4348 | 1 May 15, 2009 08:01 PM Eastern Daylight Time
Northfield Laboratories Announces Decision to Wind Down Business
EVANSTON, Ill.--(BUSINESS WIRE)--Northfield Laboratories Inc. (Nasdaq: NFLD)
announced today that it has determined to wind down its business operations
and carry out an orderly disposition of its assets.
Following its review and analysis of the complete response letter received
from the Food and Drug Administration on April 30, 2009, Northfield
determined that further clinical development of a reformulated version of
its PolyHeme® human red cell substitute product, including additional
clinical trials, would likely be required before it could again seek to
obtain FDA approval. Northfield concluded that the time and substantial
expense required to complete this additional clinical development, together
with significant uncertainty that FDA approval would ultimately be obtained,
made it unlikely that sufficient additional capital could be raised to
support such further product development.
On May 8, 2009, Northfield announced that it had terminated substantially
all operational and staff employees at its manufacturing facility and
headquarters.
Northfield cautioned that in view of the Company’s obligations to creditors
, expenses expected to be incurred in connection with the wind down process
and uncertainty regarding the realizable value of the Company’s non-cash
assets, no assurance can be given that any amounts will be available for
distribution to shareholders in connection with the winding down of the
Company’s business. Northfield has retained counsel to explore the options
available to wind down its business.
Northfield Laboratories' closing creates an opening for a new firm
By Bruce Japsen | Tribune reporter
May 21, 2009
Biotech boosters see a silver lining in Northfield Laboratories Inc.'s
shuttering of its Mt. Prospect manufacturing plant: It could become a future
home of another biotechnology firm.
The 106,000-square-foot office and research operation closed after
Northfield failed last month to win Food and Drug Administration approval
for its blood substitute Polyheme.
"It's always good to have a ready supply of facilities," said David Miller,
president and chief executive of the Illinois Biotechnology Industry
Organization. "This used to be a huge problem for Illinois. It is less so
now because of private investment and state investment in biotech facilities
."
For example, several private-equity firms have launched biotech start-ups,
and drug giants Abbott Laboratories, Baxter International Inc. and Takeda
Pharmaceuticals North America Inc. have expanded their biotech businesses in
recent years.
Northfield's plant housed more than 70 researchers, developers and
manufacturing personnel. The remaining 20 or so staffers were in office
space at its Evanston headquarters.
The facility, which Northfield purchased for $6.7 million three years ago,
meets federal "good manufacturing practices," said Dr. Steven A. Gould,
chairman and CEO of Northfield. He declined to say how much the property
might fetch.
"If someone were interested, they would have to do quite a bit of retro
conversion," Gould said. "They would have to start from scratch from the
insides to make it fit their needs, but it has a specialized use."
Meanwhile, all Northfield operations are expected to shut down in two weeks.
The company for more than 20 years worked on a blood substitute for trauma
patients but was dealt a fatal blow when the FDA ruled that risks of
Polyheme outweighed potential benefits.
Since its inception in 1985, Northfield incurred losses of $220 million.
Hear Bruce Japsen on WGN-AM 720 at 12:49 p.m. and 11:15 p.m. Mondays and 7:
35 a.m. | j*****7
发帖数: 4348 | 2 NRGN. Its cash at hand is 18 million, total asset 22 million. Now market
capital of 11 million. Also, it is a development company focusing on new
small molecule drugs to improve the lives of patients suffering from
psychiatric and neurological disorders, including Restless legs syndrome (
RLS), and Parkinson’s disease. Its lead candidate is aplindore, a D2
partial agonist, for the treatment of RLS and Parkinson’s disease. As of
December 31, 2008, the Company had two active programs for aplindore, which
are each in Phase II clinical development. In collaboration with its partner
, Merck Sharp & Dohme Limited, the Company had discovered a number of drug
candidates that work as antagonists of the vanilloid receptor-1 (VR1). Value
aplindore at 20 million, and other program at 10 million at least, you do
the math. It has laid off most of the employee and activily seeking a buyer,
which means not much cash burning.
May 13, 2009 (M2 EQUITYBITES via COMTEX) -- NRGN | Quote | Chart | News |
PowerRating -- US small-molecule drug maker Neurogen Corp (NASDAQ:NRGN) said
yesterday (12 May 2009) it is seeking potential buyers for the company or
its assets, The Hartford Courant reported.
The loss-making biotech company's chief executive Stephen Davis said that
Neurogen was a victim of stalled capital markets and predicted that many US
sector companies would go bankrupt by the end of the year. Neurogen is
currently negotiating with potential buyers, but the CEO declined to name
them.
The Parkinson-disease-drug-making group, which laid off the majority of its
workforce, has appointed advisers to help it for the sale.
Neurogen suspends enrollment, cuts staff
May 12, 2009 — 11:44am ET
Psychiatric and neurological drug developer Neurogen says it has suspended
the enrollment of additional patients in its ongoing Phase II studies for
Parkinson's disease and Restless Legs Syndrome, as well as eliminated half
its staff. The company has retained the services of MTS Health Partners as
it considers its strategic alternatives, which could include selling the
company of its assets. More job cuts are on the way as part of Neurogen's
planned reduction of operations.
"The actions we are taking today are a reflection of the dramatic changes
that have occurred in the cost of capital for the biotech industry,
particularly for clinical development stage companies," said CEO Stephen
Davis."We believe over the next year the industry will continue contracting,
combining and returning capital to shareholders where appropriate to
reflect the economic realities of a changed landscape. Our mission is to
efficiently achieve the best result for our shareholders in this new
environment." Job cuts are nothing new at this company. It's been hacking
away at its workforce since February 2008. | j*****7
发帖数: 4348 | 3 ULU. Now traded about all time low. Reason, being dumped by some hedge fund.
Current market capital 8 million, as of March 31, 2009, the Company held
cash and cash equivalents of $5.1 million. Total asset value: 17.5 million.
ULURU Inc. is a specialty pharmaceutical company. The Company is focused in
the development of wound management, plastic surgery and oral care products
utilizing drug delivery solutions to improve the clinical outcome of
patients and provide a pharmacoeconomic benefit to healthcare providers.
Utilizing its Nanoflex and OraDisc drug delivery technologies, four of the
Company’s products have been approved for marketing in various global
markets. In addition, numerous additional products are under development
utilizing its Mucoadhesive Film and Nanoparticle Aggregate technologies.
Utilizing its Nanoflex technology, it has developed three separate
development platforms from the system: Nanoflex Powder, Nanoflex Gel and
Nanoflex Injectable Liquid. OraDisc comprises a multi-layered film having an
adhesive layer, a pre-formed film layer, and a coated backing layer.
Recently, it acquired York Pharma. |
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