| To: tuck who wrote (51) | 2/3/2006 8:38:28 PM | | From: zeta1961 | | | | Ouch!..the first BTK Chapter 11 I've witnessed..What do you think Tuck..I've followed them with a 1/2 eye..no position..
GlycoGenesys, Inc. Announces Chapter 11 Filing, Reduction in Work Force and Senior Management Changes
Friday February 3, 8:00 am ET
Company Significantly Reduces Expenses To Pursue Strategic Alternatives While Maintaining Multiple Myeloma Clinical Trial
BOSTON, Feb. 3 /PRNewswire-FirstCall/ -- GlycoGenesys, Inc. (Nasdaq: GLGS - News), a biotechnology company, today announced that it and its subsidiaries have filed voluntary petitions to restructure under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Massachusetts. In addition, the Company laid off over half of its work force and effected senior management changes to allow it time to pursue strategic alternatives including a sale of the Company. As a part of this effort, the Board of Directors appointed John W. Burns, the Company's Senior Vice President and Chief Financial Officer, to the additional positions of Interim Chairman of the Board of Directors and Treasurer and Frederick E. Pierce, II, the Company's VP Business Development, to the additional positions of Interim Chief Executive Officer and President.
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Bradley J. Carver has stepped down as the Chief Executive Officer, a position he held since June 2000. Mr. Carver will continue to provide services to the Company as a consultant and remain a member of the Board of Directors.
Dr. Burns and Mr. Pierce, together with other retained employees, will utilize their extensive backgrounds in healthcare and finance to pursue strategic alternatives for the Company while in Chapter 11. Through work force reductions the Company has recognized an immediate reduction of over 40% of its payroll beginning February 1, 2006.
"We are concentrating the Company's efforts on significantly reducing and containing monthly expenses in Chapter 11, maintaining our multiple myeloma clinical trial, and securing a strategic alliance or other alternative to enable the Company to emerge stronger from Chapter 11," said Mr. Pierce.
Dr. Burns has been the Company's Chief Financial Officer since January 2000, a Senior Vice President since March 2001 and a Director since June 2002. Prior thereto, Dr. Burns was the CFO/Senior Vice President, Finance & Business Operations for South Shore Hospital, a regional healthcare services provider based in South Weymouth, MA, from February 1993 to February 1999. From January 1989 to December 1992, Dr. Burns was the Vice President/Treasurer and a subsidiary CFO/Vice President, Finance for Eastern Enterprises, a NYSE company. Dr. Burns has also held corporate finance and treasury positions with Allied-Signal, Citicorp Investment Bank and International Paper. He began his career with Ciba Giegy (now Novartis) as a biostatistician. Dr. Burns holds a Master of Business Administration in Finance from New York University and holds a Doctor of Philosophy in Mathematics from Stevens Institute of Technology.
Mr. Pierce has been Vice President of Business Development for the Company since August 2002 and Vice President of Finance and Investor Relations since June 1998. Prior to joining GlycoGenesys, Mr. Pierce was at Lehman Brothers, where he was the New England private client services liaison to healthcare investment banking. In addition, Mr. Pierce had over seven additional years experience at Kidder Peabody and Merrill Lynch. Mr. Pierce received a B.S. in chemistry from Hampshire College.
About GlycoGenesys, Inc.
GlycoGenesys, Inc. is a biotechnology company focused on carbohydrate drug development. The Company's drug candidate GCS-100, a unique compound to treat cancer, has been evaluated in previous clinical trials at low dose levels in patients with colorectal, pancreatic and other solid tumors with stable disease and partial response documented. The Company currently is completing a Phase I dose escalation trial to evaluate higher dose levels of GCS-100LE, a low ethanol formulation of GCS-100, at Sharp Memorial Hospital, Clinical Oncology Research in San Diego, California and the Arizona Cancer Center in both Tucson and Scottsdale, Arizona. In addition, GCS-100LE is being evaluated in a Phase I/II trial for multiple myeloma at the Dana-Farber Cancer Institute in Boston, Massachusetts, Roswell Park Cancer Institute in Buffalo, New York and Emory's Winship Cancer Institute, Atlanta, Georgia. Further information is available on GlycoGenesys' web site: glycogenesys.com.
Safe Harbor Statement
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| To: zeta1961 who wrote (52) | 2/4/2006 1:34:04 AM | | From: tuck | | | | >>Ouch!..the first BTK Chapter 11 I've witnessed..What do you think Tuck<<
I think I'm unhappy. I misguaged their chances of adding enough value to get a partner. I probably should have sold when I realized the trials were so slow. But I thought "How much lower can it go?" Arrrggh.
This is in my Mom's portfolio, not mine. Not a big position, but a couple of K of hurt. OTOH she also owns ACAD, and might have gotten it even cheaper than Rick. So things are actually OK with her portfolio, on balance. Throw this in the stupid mistake folder, along with CTIC (can't believe their treating Pixantrone so poorly, sheesh; I think I once quipped that Bianco doesn't need a jet, but sure needed his security guards because an enraged shareholder might try to take him out without his golden parachute).
Cheers, Tuck |
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| To: tuck who wrote (53) | 2/4/2006 2:05:37 AM | | From: zeta1961 | | | | Tuck, I'm sorry but I'm glad she has ACAD..yup, CTIC still looms large in my humility reminder memories..
Perhaps it's denial that the GLGS folk could really let it get this bad but I think there may be something to salvage here..
I apologize in advance as you've witnessed these before and I haven't..but is it possible to do a reverse merger like VI technologies did to create PANC?..or are the situations so different?..
So, are you rooting for your new home team this w/e? Hope you and your bride are enjoying your new surroundings.!
Elisabeth..
PS..doing patent look-see's and found Fisher's patent of PEG 3 promoter..remember discussing who has it on the INGN thread?..it looks like he got the original patent in 2000 and was assigned to Columbia..I lost the dang thing as I was coming to SI<argh, I'll post it when I have another free minute> |
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| To: zeta1961 who wrote (54) | 2/4/2006 8:13:21 AM | | From: rkrw | | | | VI was never bankrupt and they had an inside track on Panacos, the VI ceo was also the ceo of panacos, so the companies knew each other well :-)
I wonder how much all that fighting with Pro Pharma played a role in this? Certainly made it more difficult to get funding with that overhang. And a shame to have spent so much $ on lawyers not r&d. |
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| To: rkrw who wrote (55) | 2/5/2006 3:06:25 AM | | From: zeta1961 | | | | Rkrw..that answers my question re: are the situations very different!-g-...seriously..thanks
OK..I think I'm in denial that a Bahstohn biotech would be so silly as to spend all this investor dough on attorny fees when they knew it was a losing battle..esp. since the former CEO did indeed have patents!..I'm curious that the GLGS CEO left but the CFO has stayed..
I suppose that there are plenty of solid biotechs out there that are more worth my time for DD than this little pup!..I will keep an eye though to learn in real time how this gets handled..
Go Seattle SeaHawks!
Elisabeth |
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