Struggling Massachusetts bio-tech firm files for bankruptcy

PeptiImmune, Inc., a Massachusetts biotech concern, has had to declare Chapter 7 bankruptcy.

The Somerville company was trying to develop and market long-lasting drugs to treat multiple sclerosis. Unfortunately, they had stiff competition from generic version of MS drugs that are about to hit the market.

When a corporation files for Chapter 7, it involved liquidation of the company, which then is no longer in business. It’s different with individuals; since their beating hearts can’t be “liquidated,” Chapter 7 gives individual debtors (and married couples) a fresh start financially.

 

By Doug Beaton

This entry was posted in Bankruptcy News. Bookmark the permalink. Both comments and trackbacks are currently closed.