Nov 21 Artes Medical Inc ARTE.O said it may
need to explore liquidation through a bankruptcy filing due to
liquidity concerns in the face of falling sales caused by lower
The company, which makes dermal fillers used in cosmetic
treatments, said it will reduce its work force to fewer than 15
The company could not negotiate a resolution with its
lender, Cowen Healthcare Royalty Partners LP, on liquidity
issues, Artes said in a regulatory filing.
After exploring potential strategic alternatives to raise
funds, the company concluded it is no longer able to continue
business in the ordinary course, Artes said.
The San Diego, California-based company's shares, which
have lost more than half of their value over the last one
month, closed at 55 cents Thursday on Nasdaq.
(Reporting by Anand Basu in Bangalore)