Waltham, MA-based biotech firm Altus Pharmaceuticals (NASDAQ:[[ticker:ALTU]]) ended the second quarter of 2009 with $8.1 million in cash, enough money to continue operations into September 2009, the company revealed yesterday. “As a result of our current cash position and in order to continue operating the company, Altus needs to raise additional capital before the end of September,” Georges Gemayel, president and CEO of Altus, said in a statement. The company reduced its staff by about 70 percent and dropped the development of a cystic fibrosis treatment called liprotamase in March 2009 to focus resources on its drug ALTU-238, a weekly treatment for patients with growth hormone deficiency.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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