Oscient files for bankruptcy
July 14, 2009 8:11 AM ET
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Eric Convey
Oscient Pharmaceuticals Corp. has filed for Chapter 11 bankruptcy and agreed to sell its drug Factive for $5 million plus royalties.
The Waltham company has thousands of unsecured creditors to which it owes tens of millions of dollars, its filing in U.S. Bankruptcy Court indicates.
The biggest two creditors are custodians for corporate debt totaling just more than $45 million Oscient (Nasdaq: OSCI) also lists among creditors BB Bioventures LP of San Francisco, owed $6.5 million, Abbott of Illinois, owed $5.5 million and Maverick Fund of Texas, owed $4.8 million.
A subsidiary of Oscient called Guardian II Acqusition Corp. also filed for Chapter 11.
Chapter 11 often is used by companies trying to reorganize and Oscient said in a news release it will continue to operate under the supervision of the bankruptcy court.
The Factive buyer is Cornerstone Therapeutics Inc. of North Carolina.
Oscient is represented by attorneys at K&L Gates LLP in Boston, including Charles A. Dale III.
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