Altus Pharmaceuticals, a 17-year-old Boston-area biotech whose struggle for survival we linkurl:profiled last month,;http://www.the-scientist.com/blog/display/55882/ will join the boneyard of companies that have not made it through the current economic crisis.
"Very simply, we have not been able to secure financing," Georges Gemayel, Altus's CEO, told The Scientist this morning. The company announced in a linkurl:Securities and Exchange Commission filing;http://ir.altus.com/secfiling.cfm?filingID=1299933-09-3713 on Monday (September 14) that it would be winding down its operations. Altus needed to secure $10 million -- not a lot of money by industry standards -- by this month to stay in business. In January of this year, in an attempt to balance its books, Altus linkurl:shelved its main project,;http://ir.altus.com/releasedetail.cfm?ReleaseID=361333 an enzyme replacement therapy for cystic fibrosis, when Phase III trial results proved ambiguous. Instead, it turned its focus to a human growth hormone therapy, ALTU-238, currently in...
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