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 …read more

Oscient Pharmaceuticals, a company in the bio-pharmaceutical field that has been rumored to be close to bankruptcy, announced on Thursday that they will eliminate their entire sales team of 150 workers. Additionally, they are cutting 30 other jobs within the company.
The reason for the elimination of the sales force is the fact that Oscient Pharmaceuticals will stop attempting to make direct sales. Instead, they will keep selling their products to patients and doctors.
If Oscient Pharmaceuticals doesn’t end up in bankruptcy, the other option might be a sale. Currently, the company is trying to refinance their debt and find ways to …read more