« Return to News | Drug Sponsors

ARYx Therapeutics to close

Friday, March 11, 2011 01:41 PM

ARYx Therapeutics said it will wind down its operations due to lack of funding after the FDA delayed providing guidance on the trial design of its experimental drug for gastrointestinal disorders, according to Reuters.

In its latest communication with ARYx, the FDA suggested a response on the company's request for a special protocol assessment will not come until July 2011 at the earliest.

FDA was initially supposed to respond to ARYx's request on the drug, naronapride, by Nov. 5, 2010, but had informed the company that the response would be delayed until the end of March.

ARYx said it would start winding down operations effective immediately, to be executed in cooperation with ARYx's largest secured creditors, including Lighthouse Capital Partners V and MPM Capital.

The company said it is likely holders of Aryx common stock and other securities will receive no recovery.

ARYx has been pursuing interim financing and had secured a non-binding term sheet from an investor consortium. However, following the delay in the FDA's response, the consortium has withdrawn all potential financing arrangements.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.