BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

DelSite, Inc. Announces Bankruptcy Filing


4/2/2009 6:58:45 PM

IRVING, TX -- 04/02/09 -- DelSite, Inc (OTCBB: DSII) today announced that it filed for bankruptcy protection under Chapter 7 of the US bankruptcy laws earlier today and the Company will be liquidated. The Company's Board of Directors authorized the filing in a teleconference on April 1, 2009 after extensive efforts to raise funds for its ongoing drug development operations and for its H5N1 bird flu clinical trial proved unsuccessful. Since the company discontinued its manufacturing operations in January 2009 it has not had sufficient revenue to sustain its operations and the inability to secure additional funding has left the company's cash resources depleted. The company is in default on its debt and is unable to pay its creditors, secured and unsecured.

As of the date of the filing of the voluntary bankruptcy petition the trustee assumed jurisdiction over all of the assets of the Company, including all of the outstanding shares of DelSite Biotechnologies, Inc. and Sabila Industrial, S.A., both wholly-owned subsidiaries of the Company. The Company ceased operations effective at the time of the filing and has no ability to continue funding the business operations of DelSite Biotechnologies, Inc. or Sabila Industrial, S.A. The business operations of Sabila Industrial were discontinued on or about January 29, 2009.

The Company was unable to file its Form 10-K Annual Report for 2008 and anticipates that there will be no funds available for distribution to equity holders of the Company.

About DelSite

DelSite, Inc. is an ISO 9001-certified, research-based, biopharmaceutical and consumer products company with a core technology based on naturally occurring complex carbohydrates. DelSite is developing its proprietary GelSiteĀ® technology designed to provide controlled release of peptide and protein-based drugs. More than 130 patents protect its technology.

Certain statements in this release concerning DelSite may be forward-looking. Actual events will be dependent upon a number of factors and risks including, but not limited to: subsequent changes in plans by the Company's management; delays or problems in formulation, manufacturing, distribution, production and/or launch of new finished products; changes in the regulatory process; changes in market trends; and a number of other factors and risks described from time to time in the Company's filings with the Securities & Exchange Commission.

Contact:

Robert W. Schnitzius Acting President and CEO (972) 518-1300



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES