Oscient Pharmaceuticals Goes Bankrupt

Oscient Pharmaceuticals has filed for Chapter 11 bankruptcy in the state of Massachusetts. Also included in the filing is Guardian II Acquisition Corporation — a wholly owned subsidiary.

During the bankruptcy proceedings, Oscient Pharmaceuticals and Guardian II Acquisition Corporation will continue operating and managing their everyday business activities and assets.

While Oscient Pharmaceuticals currently has two products, Antara and Factive, the company has also announced that they have sold the Factive product to Cornerstone Therapeutics Inc. for $5 million and five years of royalties. The closing of the sale depends on approval from the bankruptcy court. The company didn’t say whether they will also try to sell Antara.

Earlier in 2009, Oscient Pharmaceuticals eliminated most of their sales force. Considering that fact, this bankruptcy doesn’t come as much of a surprise.

Antara is a drug that is used to combat high blood cholesterol, while Factive treas chronic bronchitis.

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