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Not likely based on the following official CH7 court news:
Pharmaceutical Company Files Chapter 7 Bankruptcy
Friday 17 August 2012
Curaxis Pharmaceutical Corp., a Durham, North Carolina, company, has recently filed a Chapter 7 bankruptcy petition in U.S. Bankruptcy Court for the Eastern District of North Carolina with $9.5 million in liabilities and assets of only $14,000. The bankruptcy filing effectively ends the company’s 11-year quest to develop a drug that would treat Alzheimer’s disease.
Large creditors in the bankruptcy include Southridge Investment Group, Salix Pharmaceuticals, Durect Corp., a California-based developer of drug-delivery systems and Timothy Wright, a veteran pharmaceutical developer who took over as chief executive last June when co-founder Patrick Smith resigned along with most of the company’s other senior executives and board members.
According to an article on www.bizjournals.com by Chris Bagley, the pharmaceutical company had been developing Memryte, an Alzheimer’s drug that had stalled during Phase 3 clinical trials and was slated for renewed Phase 2b trials. Curaxis currently has one U.S. patent for Alzheimer’s treatment and has two additional patents pending.
Co-founded by Smith as Voyager Pharmaceutical Corp. in 2001, the company had raised over $80 million in equity funding over the years. It faced cash shortages beginning in 2010, but signed a $25 million equity line late that year with New York-based Southridge.
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Here is the content of 8-K filed with the SEC on 07/30/2012:
Item 1.03 Bankruptcy or Receivership.
On July 30, 2012, Curaxis Pharmaceutical Corporation (the “Company”) filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code (the “Code”) in the United States Bankruptcy Court for the Eastern District of North Carolina (the” Bankruptcy Filing”). The chapter 7 case is being administered under case No. 12-05475-8.
Effective as of the date of the Bankruptcy Filing, a chapter 7 trustee assumed control of the Company. The assets of the Company will be liquidated in accordance with the Code.
Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or and Obligation under and Off-Balance Sheet Arrangement.
The Bankruptcy Filing triggers an event of default under the Company’s outstanding debt obligations as follows:
1.
Convertible Promissory Note held by Southridge Partners II LP dated May 15, 2012. The note is due December 31, 2012 and has an outstanding balance including accrued interest, as of July 30, of $76,250.
2.
Promissory Note held by Southridge Partners II LP dated February 20, 2012. The note matured on June 30, 2012 and has an outstanding balance including accrued interest, as of July 30, of $149,802.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
With the installation of the chapter 7 trustee and concurrent with the Bankruptcy Filing, on July 30, 2012, the employment of Timothy R. Wright, Chairman and Interim Chief Executive Officer, and Judith S. T. Geaslen, Secretary and Vice President- Finance, was terminated. As a result, the Company no longer has any employees.
Also, with the installation of the chapter 7 trustee and concurrent with the Bankruptcy Filing, on July 30, 2012, directors Michael. W. George, K. Ivan F. Gothner, Stephen J. Leary, Michael R. Miller, Terrance Novak and Bert Spilker resigned as members of the Company’s Board of Directors. The Company has no current members of the Board of Directors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CURAXIS PHARMACEUTICAL CORPORATION
Date: July 30, 2012
By:
/s/ Timothy R. Wright
Name: Timothy R. Wright
Title: Interim Chief Executive Officer
Ocassionally it has volume
jmo
Doubt it will emerge from Bankruptcy.
jmo
Still bankrupt here.
jmo
Doubt this ever emerges from Bankruptcy.
jmo
And she is still bankrupt.
jmo
You're still watching Earnest!
Rarely does it have volume of any significance.
jmo
Still got volume here
Unproven ... no clinical trials ever done.
jmo
Goodness I hope this bounces from Bankruptcy and the common shares don't get wiped out.
Still here Stallion, Hope for something Big to Happen here..
This technology is not old, in fact, the Memryte implant is the first of its kind to treat Alzheimer's. It releases a steady level of leuprolide, a potent inhibitor of gonadotropin releasing hormone, into the blood stream. Although leuprolide has been around a long time to treat prostate cancer and fibroid tumors in women, the fact that it has shown positive clinical results in treating women with Alzheimer's is amazing. So, the chemical has been around a while to treat other diseases, but the technology is novel.
Does anyone know if they are planning to come out of bankruptcy? I know I'm not the only one curious. After all there's other companies that have bounced back from the dreaded Q
Technology is OLD and no one is interested in funding it.
jmo
I know this is company is going through bankruptcy but is there any chance they can bounce back? And why the PPS increase lately?
Nothing here ... lol
jmo
Its still bankrupt.
jmo
curxq now what?? ... sell 2,000,000 shares.?
Revocation of Listing is coming to CURXQ
jmo
Krisl, CURXQ is Still Alive and will Explode, Something Big is cooking, They still have rights to their Epilepsy Drug, And Maybe a Huge Pharma is eyeing them like PHIZER!!,Load up people.
100% correct, i have a few that disappear, and i also have a few with 1000% profit
And many Q stocks just disappear to NOThING>
jmo
Yeap, the same as other Q stocks that move higher from $.16 to $.60 (will not say the names of them, but there were a few :))
CURXQ ... still bankrupt.
jmo
CURXQ ready to explode, still own 2M shares and really not planning to sell them, yes i lost some dollars with a few Q stocks, but they also gave me huge returns, waiting for this wonderful piece :)
CURX is Bankrupt. That big news?
jmo
I hope you're right Hal...
I think Big News is coming here to CURXQ, Moving on light Volume...Remember VRMLQ People....$$$$$$$
$100 in Gross Volume is exciting???
REALLY???
jmo
CURXQ..Waking up...Explosion coming..
CURXQ is about to rock...Somebody loading...Something Huge Could be on the way..
Someone's buying...I wonder if someone knows something we don't.
Its Bankrupt.
Dead as a doornail.
jmo
Can anyone tell me what's going on with this company? I've tried calling and the number listed has been disconnected. Not a good sign...
Why? Anyway 10,000 shares dumped at 0.0006 so far! 0.0005 very soon?
STILL in Bankruptcy. Dead and being buried soon.
jmo
CURXQ still alive, hope to get Big News soon..
What does that mean?
FINRA has this one locked up. None of Welch's stocks can do corporate actions. CURX is Dead.
jmo
We all know that, but still you can make money out of it, look at AONEQ, hitting $.0175 a few weeks ago, and now trading close to $.06, this is a nice return. CURXQ tracing at .0007 can easily hit .0060 again, and this will be a nice return too.
354,793 shares dumped at 0.0006 today! Who did that? Why? bad news?
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Curaxis is a specialty pharmaceutical company dedicated to finding cures for major age-related diseases. Curaxis' initial focu s is Alzheimer's Disease (or AD). The lead product is a patented treatment, Memryte, that has shown the potential for treating and halting the progression of this devastating disease.
The Problem
Washington DC, May 19, 2010, A new report from the Alzheimer's Association, "Changing the Trajectory of Alzheimer's Disease: A National Imperative" shows that in the absence of disease-modifying treatments, the cumulative cost of care for people with Alzheimer's from 2010 to 2050 will exceed $20 trillion in today's dollars.
The new report is not all bad news, however, as it shows that Medicare and Medicaid can achieve dramatic savings - and lives could be significantly improved - with even incremental treatment improvements.
Harry John's, President & CEO of the Alzheimer's Association said, " Today, there are NO treatments that can prevent, delay, slow or stop the progression of Alzheimer's disease. While the ultimate goal is a treatment that can completely prevent or cure Alzheimer's, we can see that even modest improvements can have a huge impact."
Market Need - Curaxis Solution
Currently marketed Alzheimer's drugs target the symptoms of Alzheimer's disease by enhancing some patients' cognitive function and general behavior, but generally are not thought to slow progression of the disease.
Only about 50% of patients taking AChEIs (acetylcholinesterase inhibitors - current theory) experience a modest improvement in cognitive function. According to the Alzheimer's Association, for those patients who show improvement, the benefit typically lasts for only six months to one year.
Based on preclinical and clinical results achieved to date, Curaxis believes that Memryte may substantially slow the progression of Alzheimer's disease and represent a significant clinical improvement over current drugs.
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