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Tuesday, February 12, 2008

Tapestry Pharmaceuticals prepares for bankruptcy

 

Denver Business Journal

Tapestry Pharmaceuticals Inc. said Tuesday it intends to file for bankruptcy.

The Boulder company (NASDAQ: TPPH), which has struggled financially for years, said in a Securities and Exchange Commission it has hired a bankruptcy attorney and initiated steps to file for Chapter 11 bankruptcy protection.

Tapestry also shaved its workforce on Monday to 12 people from 34.

The company said that as of Feb. 8, it had about $100,000 of cash and cash equivalents and liabilities of about $6.5 million. The liabilities include unpaid severance costs. Tapestry said it incurred severance costs of about $3.5 million in connection with the layoffs.

Tapestry said the only positions retained are the CEO, Leonard Shaykin, the COO, the CFO, the chief medical officer, the vice president of product development and seven others.

The company also said it intends to terminate its lease, which could cost as much as $2.7 million.

Tapestry its ongoing clinical trials will be continued as much as possible to maintain the value of its clinical trial data and intellectual property. The company is working on a drug called TPI 287 as a treatment for a variety of cancers.

Tapestry said in the SEC filing that it has tried over the past year to find a way to finance its operations, including the sale of securities or the sale of the company.

Tapestry said "a number of possible buyers or investors" have decided against buying or financing the company.

"We believe that the Company has very few options now other than filing for bankruptcy and attempting to reorganize or to sell our assets in a bankruptcy proceeding," Tapestry said in the SEC filing. "In such a circumstance, holders of our common stock may receive nothing for their shares."

nicht allzu berauschend, weshalb wohl auch zwei Investoren ihr Engagement reduziert haben. Unter http://www.hotstocked.com/companies/t/tapestry-pharm-TPPH-56125.html?action=showProfile findest Du mehr Infos zu der Company. Neues Symbol ist WKN: A0JC4R ISIN: US8760312046 Symbol: NA1A (NASDAQ TPPH) Hier noch die Insiderbewegungen der letzten Tage:

Date	Name	Shares	Stock	Transaction
02/15/2008	TANG CAPITAL MANAGEMENT LLC Not Supplied	665,303	TPPH	Open Market Sale proceeds of $66,530.30
02/15/2008	TANG CAPITAL MANAGEMENT LLC Not Supplied	258,686	TPPH	Open Market Sale proceeds of $23,281.74
02/15/2008	TANG CAPITAL MANAGEMENT LLC Not Supplied	20,097	TPPH	Open Market Sale proceeds of $2,009.70
02/15/2008	TANG CAPITAL MANAGEMENT LLC Not Supplied	25,000	TPPH	Open Market Sale proceeds of $2,250.00
02/12/2008	AWM INVESTMENT CO INC Not Supplied	817,025	TPPH	Open Market Sale proceeds of $49,021.50
02/12/2008	AWM INVESTMENT CO INC Not Supplied	666,216	TPPH	Open Market Sale proceeds of $26,648.63
12/04/2007	ERIC K ROWINSKY Director	1,500	TPPH	Not Supplied *** Undefined Type ***
12/04/2007	ERIC K ROWINSKY Director	1,000	TPPH	Not Supplied *** Undefined Type ***
12/04/2007	ERIC K ROWINSKY Director	1,000	TPPH	Not Supplied *** Undefined Type ***
12/04/2007	ERIC K ROWINSKY Director	80	TPPH	Not Supplied *** Undefined Type ***

Hier noch die aktuelle Struktur :

Company Roster
Shareholder	Relationship	Direct and Indirect	Date
AWM INVESTMENT CO INC	Not Supplied	1,918,822	02/13/2008
ANNE L BAILEY	General Manager & Vice President	N/A
BAKER BROS ADVISORS LLC	Not Supplied	N/A
MARTIN M BATT	Senior Vice President & Chief Operating Officer	12,292	10/05/2006
MARTIN A CANNON	Director	N/A
STEPHEN K CARTER	Director	N/A
EDWARD L ERICKSON	Director	N/A
BRUCE W FIEDLER	Controller	N/A
GEORGE M GOULD	Director	N/A
ARTHUR HAYES	Director	N/A
KAI P LARSON	Vice President & General Counsel	14,024	10/05/2006
GORDON H LINK	Chief Financial Officer & Senior Vice President	21,011	10/05/2006
MATTHEW J MAJOROS	Controller	10,000	05/04/2006
MARXE AUSTIN W & GREENHOUSE DAVID M	Not Supplied	2,663,063	05/22/2007
ELLIOT M MAZA	Director	N/A
RICHARD N PERLE	Director	1,300	06/08/2007
PATRICIA A PILIA	Director	72,918	06/22/2006
ROBERT E POLLACK	Director	110	06/08/2007
ERIC K ROWINSKY	Director	N/A
LEONARD P SHAYKIN	Chief Executive Officer	77,311	10/05/2006
TANG CAPITAL MANAGEMENT LLC	Not Supplied	1,143,980	02/19/2008