Altus looks to wind down
Altus Pharmaceuticals Inc. said in a regulatory filing that it is "determined to commence a process to wind down the business" of the Waltham company.
"To that end, the company is in discussion with creditors and vendors, and is making efforts to maximize the value of its assets," Altus said in its regulatory filing.
The filing added, "In connection with the winding down, the company is implementing a reduction in headcount of substantially all of its remaining employees on a phased basis in September and October of 2009."
Attempts to reach Altus were not immediately successful.
Many early-stage biotechnology companies in Massachusetts have been struggling because of the difficulties of raising cash in a recession.
In July, Epix Pharmaceuticals Inc. of Lexington confirmed that it was moving ahead with an "orderly liquidation" of assets after failing to find a buyer or obtain additional financing to stay afloat. A week earlier, Cambridge biotech Biopure Corp. filed for Chapter 11 bankruptcy protection, a Globe story noted.
A separate Globe story in July noted that Altus, which had cut 75 percent of its workforce earlier in the year, had renegotiated leases for its two facilities in Waltham.
"In an effort to survive, Altus cut 107 jobs in January and narrowed its focus to one drug, an injectable human growth hormone," that story said.
In the regulatory filing dated yesterday, Altus said it has suspended a clinical trial of that product.
In its regulatory filing, Altus added that it "expects to record a restructuring charge of approximately $1.3 million in the third quarter of 2009 and $1.4 million in the fourth quarter of 2009, primarily representing cash payments for severance and related expenses. The company may also incur further restructuring charges that could be significant due to events that may occur as a result of, or associated with, the restructuring plan, including the termination of contractual obligations and facilities-related costs."
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