TorreyPines Moves to Dissolution
TorreyPines Therapeutics (Nasdaq: TPTX) plans to wind down its business after the San Diego biotech’s board of directors unanimously approved a plan to liquidate and dissolve the company. TorreyPines, which laid off most of its workforce last year, says it intends to call a special shareholders meeting to seek approval of the dissolution plan. While the board approved the plan, the company says it continues to seek alternative financing and other strategic options. If shareholders approve the plan of dissolution, TorreyPines says it will file the necessary paperwork, satisfy its remaining financial obligations, and provide for any unresolved claims and liabilities. Under the plan, the company’s stock also will be delisted from the Nasdaq Global Market.