AGIX Files For Chapter 11 Bankruptcy
By Zacks Investment Research on October 8, 2008 | More Posts By Zacks Investment Research | Author's Website
For those of you still holding onto AtheroGenics (AGIX), the research-based pharmaceutical company with a drug development program (according to Zacks senior drug industry analyst Jason Napodano, CFA, who published a report on AGIX last week), the company has just announced today it has filed for Chapter 11 bankruptcy.
The question now seems to be who, if anyone, will pick up the pieces of the late-phase candidate AGIX had been developing. But for anyone shocked by today’s announcement, they shouldn’t be. From the same AGIX report: “The company released phase III data on lead compound AGI-1067 that did not meet the primary end point.”
And this: “In September 2008 AtheroGenics announced it will not repay the its 4.5% Convertible Notes due September 2, 2008, nor will it make its scheduled interest payment on the 2008 Notes or the 4.5% Convertible Notes due March 1, 2011.”
In a recent conversation with Jason, he reminded me this: “We’ve had the name as a sell for a year now. I downgraded it at around $3.” In other words, AGIX was an excellent call on a short-sell opportunity. Oh well, here’s hoping you take advantage of the next one.
Investors Needn’t Fear A Double-Dip Recession
Gold, Silver, Oil, Natural Gas: Sideways Trading Action Likely
Monday’s Forex Outlook
Cartoon: I Feel Bullish…
Video: 11/09 Retailers Battle Over Discount DVDs
Taiwan Exports Fall Again In October - 2 mins ago
Indian Market Extends Winning Run - 12 mins ago
Cyprus October HICP Falls - 13 mins ago
German Industrial Production Rises More Than Expected In September - 15 mins ago
*Portugal July.-Sept. Trade Deficit At EUR 1.49 Bln - 34 mins ago


