Altus files for Ch. 7 bankruptcy

By Boston Business Journal staff

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Beleaguered drug maker Altus Pharmaceuticals Inc. of Waltham filed Wednesday for Chapter 7 bankruptcy protection, a step that usually results in liquidation of a company’s assets.

Altus, which already was well into the process of winding down operations, stated in a U.S. Bankruptcy Court filing that it owes between 200 and 999 creditors a total of between $1 million and $10 million. A detailed breakdown of creditors was not included in the filing.

The filing indicates Altus has assets of between $1 million and $10 million.

A month ago, Altus said it was selling its equipment. Two months ago, Altus said it was ending drug-discovery operations. As of June 30, the company had $8.1 million in cash and cash equivalents on hand.

Altus (Nasdaq: ALTU) is represented in the bankruptcy by Christopher J. Panos and Kathleen Rahbany of Craig and Macauley PC in Boston.

For the past 18 months, the company’s CEO has been Georges Gemayel.

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