Altus Pharmaceuticals Inc. (ALTU)

[paulbk]

Guess I should have paid more attention:

http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6798476-839-6173&type=sect&TabIndex=2&companyid=688092&ppu=%252fdefault.aspx%253fsym%253dALTU

On September 11, 2009, Altus Pharmaceuticals Inc. (the "Company") determined to commence a process to wind down the business of the Company. To that end, the Company is in discussion with creditors and vendors, and is making efforts to maximize the value of its assets. In connection with this process, the Company has suspended its pediatric Phase 2 clinical trial of ALTU-238, the Company’s hGH product candidate for growth hormone deficiency. In connection with the winding down, the Company is implementing a reduction in headcount of substantially all of its remaining employees on a phased basis in September and October of 2009.

Employees affected by the restructuring plan have received notification and will be provided with severance payments. Severance expenses will be paid in a lump sum.

The Company expects to record a restructuring charge of approximately $1.3 million in the third quarter of 2009 and $1.4 million in the fourth quarter of 2009, primarily representing cash payments for severance and related expenses. The Company may also incur further restructuring charges that could be significant due to events that may occur as a result of, or associated with, the restructuring plan, including the termination of contractual obligations and facilities-related costs.