Troubled Altus files for bankruptcy
Waltham biotechnology company Altus Pharmaceuticals Inc., which told regulators in September it was starting the process of shutting down its operations, yesterday filed for bankruptcy protection.
In its filing, under Chapter 7 of the US Bankruptcy Code, the seven-year-old company, which had found it difficult to raise cash during the economic downturn, listed both assets and debts of between $1 million and $10 million. Altus said it owed money to between 200 and 999 creditors, but it did not list them in its bankruptcy filing.
Altus, which had been developing a human growth hormone that would have been injected to treat diseases, earlier this year eliminated 107 jobs, 75 percent of its workforce. It was advised by the Nasdaq exchange in August that it no longer complied with the required minimum of $10 million in shareholder equity to list its shares.
