Technology News

Therion Biologics Shuts Down After Failures

Monday, December 11, 2006 7:00:00 AM PDT | VentureDeal Staff

CAMBRIDGE, MA --  Therion Biologics has shut its operations and filed for bankruptcy under Chapter 7, which protects the company while it proceeds to an orderly and complete liquidation of its assets.

The company had failed in its clinical trials of its prostate cancer and pancreatic cancer drug candidates.  After it announced the failed results in June, the company's main creditor, Hans-Werner Hector, cut off a $50 million line of credit he had extended the company, which the company had apparently drawn down by $20 million.

Jeoffrey L. Burtch, of Cooch & Taylor in Wilmington, Delaware has been appointed trustee for the liquidation.

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