>Amazing how many prospects targeted by their bankers passed, triple digits.<
Not to mention the endless series of meetings, conference calls, non-disclosure agreements, draft documents, more meetings, more conference calls, more drafts, more meetings, etc. All this jockeying for a pittance of cash on the balance sheet.
[Cornerstone Therapeutics, the company that acquired Critical Therapeutics in a 2008 reverse merger, is buying the commercial rights to Factive for $5M.]
July 13 (Reuters) - Oscient Pharmaceuticals Corp (OSCI) on Monday filed for Chapter 11 bankruptcy protection and agreed to sell its antibiotic drug Factive to a unit of Cornerstone Therapeutics Inc (CRTX) for $5 million.
Oscient Pharma's unit Guardian II Acquisition Corp also filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Massachusetts.
Oscient and Guardian are continuing to explore strategic alternatives, including seeking a buyer for the high blood-cholesterol drug Antara and other assets, Oscient said in a statement.
Oscient expects its common stock to be de-listed from Nasdaq effective July 21.
In a statement, Cornerstone Therapeutics said it agreed to acquire the commercial rights to Factive, or gemifloxacin mesylate, in North America and certain countries in Europe.
Factive is approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community-acquired pneumonia of mild to moderate severity.
Oscient shares closed at 18 cents Monday on Nasdaq, while those of Cornerstone closed at $7.49.‹
Cornerstone management has been very aggressive since going public. Just brought in Curosurf and had the good fortune of a competitor, Discovery Labs getting terminated by the fda. Not sure Factive at any price is a good deal but with an existing infrastructure and bag of products to sell they should do better than Oscient. At least they're bargain shoppers.
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