I'd say this play has a 1% chance of running, the problem is these guys dont have the money to do a further clinical trial, its stuck at .04 for eternity
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Northfield Laboratories Announces Decision to Wind Down Business
EVANSTON, Ill.--(BUSINESS WIRE)--May. 15, 2009-- Northfield Laboratories Inc. (Nasdaq: NFLD) announced today that it has determined to wind down its business operations and carry out an orderly disposition of its assets.
Following its review and analysis of the complete response letter received from the Food and Drug Administration on April 30, 2009, Northfield determined that further clinical development of a reformulated version of its PolyHeme® human red cell substitute product, including additional clinical trials, would likely be required before it could again seek to obtain FDA approval. Northfield concluded that the time and substantial expense required to complete this additional clinical development, together with significant uncertainty that FDA approval would ultimately be obtained, made it unlikely that sufficient additional capital could be raised to support such further product development.
On May 8, 2009, Northfield announced that it had terminated substantially all operational and staff employees at its manufacturing facility and headquarters.
Northfield cautioned that in view of the Company’s obligations to creditors, expenses expected to be incurred in connection with the wind down process and uncertainty regarding the realizable value of the Company’s non-cash assets, no assurance can be given that any amounts will be available for distribution to shareholders in connection with the winding down of the Company’s business. Northfield has retained counsel to explore the options available to wind down its business.
AI
