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