CellCyte Genetics, the Bothell, WA-based stem cell research company, said today in a regulatory filing that it had $215,000 in cash and investments at the end of June, and it doesn’t have enough cash left to operate beyond the next month. The company, which had 17 employees at the beginning of the year, has stopped paying employees who remain. The company, as reported by the Seattle Times’ Angel Gonzalez, was briefly one of the region’s most valuable biotech companies by stock market value. CellCyte has come under investigation by the Securities and Exchange Commission after stories in the Times described the company’s stock promotion efforts.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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