Life Sciences, Finance, Biotech

Cash Running Low at Altus Pharma

Ryan McBride 8/5/09

Waltham, MA-based biotech firm Altus Pharmaceuticals (NASDAQ:ALTU) ended the second quarter of 2009 with $8.1 million in cash, enough money to continue operations into September 2009, the company revealed yesterday.  “As a result of our current cash position and in order to continue operating the company, Altus needs to raise additional capital before the end of September,” Georges Gemayel, president and CEO of Altus, said in a statement. The company reduced its staff by about 70 percent and dropped the development of a cystic fibrosis treatment called liprotamase in March 2009 to focus resources on its drug ALTU-238, a weekly treatment for patients with growth hormone deficiency.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.