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UPDATE 1-Artes Medical says may explore liquidation
November 21, 2008 / 12:53 PM / 9 years ago

UPDATE 1-Artes Medical says may explore liquidation

Nov 21 (Reuters) - 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 consumer spending.

The company, which makes dermal fillers used in cosmetic treatments, said it will reduce its work force to fewer than 15 employees.

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)

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