TorreyPines Therapeutics (Nasdaq: [[ticker:TPTX]]) plans to wind down its business after the San Diego biotech’s board of directors unanimously approved a plan to liquidate and dissolve the company. TorreyPines, which laid off most of its workforce last year, says it intends to call a special shareholders meeting to seek approval of the dissolution plan. While the board approved the plan, the company says it continues to seek alternative financing and other strategic options. If shareholders approve the plan of dissolution, TorreyPines says it will file the necessary paperwork, satisfy its remaining financial obligations, and provide for any unresolved claims and liabilities. Under the plan, the company’s stock also will be delisted from the Nasdaq Global Market.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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