December 3, 2008 / 11:28 PM / 11 years ago

Introgen files for bankruptcy, sees exit in 2009

NEW YORK, Dec 3 (Reuters) - Introgen Therapeutics Inc (INGN.O) filed for bankruptcy protection on Wednesday, after a U.S. regulatory setback earlier this year harmed the prospects for a speedy approval of its experimental cancer drug, Advexin.

The company said it expects to reorganize and emerge from bankruptcy protection in 2009.

In a Chapter 11 bankruptcy petition filed with the U.S. bankruptcy court for the Western District of Texas, the company listed assets of $9.1 million and debts of $12.9 million.

Last month, the company’s chief executive resigned as did its chief financial officer, and it said it had hired a financial advisor to help it explore strategic opportunities.

Introgen said last week it wanted to focus on near-term revenue from its manufacturing and service business and cut its staff to 15 employees from about 45 employees.

The company said in a statement on Wednesday that it was “optimistic” about its contract manufacturing business, but that it would continue to explore strategic alternatives for its therapeutic business portfolio. (Reporting by Emily Chasan)

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