CellCyte Genetics Running Out of Cash, Stops Paying Employees
Luke Timmerman8/19/08
CellCyte Genetics, the Bothell, WA-based stem cell research company, said today in a regulatory filing that it had $215,000 in cash and investments at the end of June, and it doesn’t have enough cash left to operate beyond the next month. The company, which had 17 employees at the beginning of the year, has stopped paying employees who remain. The company, as reported by the Seattle Times’ Angel Gonzalez, was briefly one of the region’s most valuable biotech companies by stock market value. CellCyte has come under investigation by the Securities and Exchange Commission after stories in the Times described the company’s stock promotion efforts.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
