Company press release:
NxStage Announces Closing of $40 Million Debt Financing with Asahi Kasei Kuraray Medical
LAWRENCE, Mass., June 5
NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced it has completed the closing of its previously announced $40 million debt financing with its strategic alliance partner, Asahi Kasei Kuraray Medical. The Company used approximately $30 million of the proceeds to pay off its entire debt obligation, including prepayment and other transaction fees, owed under its GE credit facility. As a result, NxStage anticipates taking a pre-tax charge of approximately $2 million for the second quarter of 2009 related to prepayment and other transaction fees. The remaining proceeds of approximately $10 million will be used for general operating purposes.
Tuesday, July 28, 2009
R.I.P. Epix Pharmaceuticals
July 21, 2009 Boston Globe
Cash-strapped Epix Pharmaceuticals Inc. said it is winding down operations and looking to proceed to "an orderly liquidation of its assets" after attempts to obtain additional financing were unsuccessful.
Epix, [was] based in Lexington and ... had been working with the British drug maker GlaxoSmithKline on a potential treatment for Alzheimer's disease
In a press release, Epix said that "in light of the company’s lack of capital and inability to obtain additional financing or consummate a strategic transaction, it has entered into an Assignment for the Benefit of Creditors, effective immediately, in accordance with Massachusetts law (the “Assignment”). The purpose of the Assignment is to conclude the company’s operations and provide for an orderly liquidation of its assets."
To read some previous Globe coverage that referenced Epix, please click here.
Cash-strapped Epix Pharmaceuticals Inc. said it is winding down operations and looking to proceed to "an orderly liquidation of its assets" after attempts to obtain additional financing were unsuccessful.
Epix, [was] based in Lexington and ... had been working with the British drug maker GlaxoSmithKline on a potential treatment for Alzheimer's disease
In a press release, Epix said that "in light of the company’s lack of capital and inability to obtain additional financing or consummate a strategic transaction, it has entered into an Assignment for the Benefit of Creditors, effective immediately, in accordance with Massachusetts law (the “Assignment”). The purpose of the Assignment is to conclude the company’s operations and provide for an orderly liquidation of its assets."
To read some previous Globe coverage that referenced Epix, please click here.
Saturday, July 18, 2009
R.I.P. Biopure
xconomy.com:
Biopure Files for Bankruptcy
7/17/09
Biopure has filed for Chapter 11 bankruptcy, the company announced late yesterday. The Cambridge, MA-based firm has agreed to sell its assets to OPK Biotech, but Biopure will also seek competitive bids for the assets in an auction supervised by the bankruptcy court in Massachusetts.
Biopure Files for Bankruptcy
7/17/09
Biopure has filed for Chapter 11 bankruptcy, the company announced late yesterday. The Cambridge, MA-based firm has agreed to sell its assets to OPK Biotech, but Biopure will also seek competitive bids for the assets in an auction supervised by the bankruptcy court in Massachusetts.
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