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Print Edition StoriesThursday, December 17, 2009
Vion Pharmaceuticals files for Ch. 11 bankruptcy
By Mass High Tech staff
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Vion Pharmaceuticals Inc., an oncology drug maker in New Haven, Conn., has voluntarily filed for bankruptcy under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
According to a news release by the company, Vion does not have the funds to continue operation, nor to complete an FDA-required randomized trial of its Onrigin anticancer compound before it could be approved. Vion’s Onrigin was intended to be a single agent for remission treatment for patients that are 60 years of age or older with de novo poor-risk acute myeloid leukemia. The required randomized study would review the safety and efficacy of the Onrigin injection.
The filing indicates Vion has assets of $19.2 million and liabilities of $65 million, as of Sept. 30. It also lists $60 million in convertible senior notes due 2012 still outstanding. Vion will run as a debtor-in-possession, following the bankruptcy filing.
Company officials noted that it would try to sell or merge either the company or its key assets. However, if Vion follows a liquidation process, “any recovery for stockholders would be highly unlikely,” the company reported.
As of April, Vion was also at work on Triapine, an inhibitor of DNA synthesis.
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