For MONTHS and MONTHS and MONTHS I've been hearing about the GREAT SAVIOR BIO-TECHS!!!
Heck my state even BORROWED a billion-eight -- taken out of taxpayer's pockets -- so the state can throw money away to lying biotechs even though "it's never been easy to turn a profit."
Flush all that money away, too, taxpayer. Need insult to injury?
See: The Money Pipeline From Massachusetts to Israel
Are you you surprised?
Turns out it as just ONE MORE AGENDA-PUSHING FRAUD from the lying bastards!!!
"Codon Devices closing as financing dwindles; Cambridge life sciences start-up is most recent casualty of recession" by Todd Wallack, Globe Staff | April 3, 2009
Another once-promising life sciences company has died.
Codon Devices Inc., a five-year-old Cambridge biotech working on ways to synthesize DNA and other genetic material, is quietly shutting down.
As opposed to the FANFARE when they START UP!!!!!
Need I even comment on the agenda-pushing paper??
The highlighted phrase says it all.
A week ago, board members voted to close the doors after they failed to raise additional money, said a person affiliated with the company who did not want to be named.
Maybe they can GET IT from GOOGLE!!
Flagship Ventures, one of Codon's investors, recently removed Codon's name from its list of portfolio companies, but declined to comment. No one responded to messages left on the company's voice mail, and its chief executive, Brian Baynes, did not return phone calls or e-mails seeking comment, and no one came to the door at the company.
Yup, no comment, no comment, no comment.
Codon is the latest in a string of small life sciences companies in the area to shut down in the past few months, as privately held firms find it increasingly difficult to raise money to develop products that are years away from generating profits.
Yup, ALL KEPT QUIET!
At least two local companies filed for Chapter 7 bankruptcy protection this year - Dynogen Pharmaceuticals Inc. in Waltham and OmniSonics Medical Technologies Inc. of Wilmington - clearing the way for their liquidation. Cyberkinetics Neurotechnology Systems Inc. of Foxborough said it is winding down its operations, and Epitome Biosystems of Waltham shut down several months ago.
"This environment is unforgiving," said Keith Dionne, chief executive of Surface Logix Inc., a Boston biotech trying to develop drugs to treat hypertension, metabolic diseases, and other afflictions. "This is a sharper knife than it has been in the past."
They didn't have trouble raising dough: The Therapeutic Rip-Off
There are several reasons for the cash crunch. One is that few companies have been able to launch initial public offerings since the stock market meltdown, making it difficult for start-ups to raise money directly from the public. In addition, venture capitalists are reducing their investments in young companies, because it's hard to raise cash and also they need to divert money to sustain more mature companies that otherwise would have gone public by now.
Still, some companies have continued to raise money. For instance, Surface Logix raised $20 million in venture capital and loans in January, and BioVex Inc. of Woburn raised $40 million last month, after canceling its plans for an IPO.
See: Biotech Investors Bet On Your Life
And is it just me, or do you get sick and tird of seeing still, but, if, may be, could be, however, etc, etc, etc, in the "NEWSPAPER!?
"But Dionne said companies that haven't yet developed a key product to impress investors aren't having an easy time raising money, forcing some to undertake cost-cutting measures. For example, Synta Pharmaceuticals Corp. in Lexington eliminated 90 positions last month. And Oscient Pharmaceuticals Corp. in Waltham cut 100 jobs in February.
Also see: The Criminal Killers of Biotech
And it's likely other companies will have to slash their operations or shut down altogether. Nationwide, about 120 publicly traded biotech companies have less than six months' cash on hand - nine times the number of firms that had limited reserves in 2007, according to the Biotechnology Industry Organization, a national trade organization.
Related: Biotechs Want a Bailout
But Codon's failure is especially notable because it attracted so many big-name investors, including Alloy Ventures, Flagship Ventures, Highland Capital Partners, and Kleiner Perkins Caufield & Byers. In total, the company raised at least $31 million. Its founders included some star researchers, including George Church of Harvard University and Drew Endy, who recently moved from MIT to Stanford University. Neither returned phone calls yesterday. Codon hoped to use its technology for everything from developing cutting-edge drugs to agriculture and biofuels.
Oh, so these fart-misting agenda-pushers are into everything: Biofuel Fart Escapes at U.N.
Steven Dickman, a life sciences consultant, included Codon on his list of "10 most promising life sciences start-ups in New England" in 2007. Dickman said he was surprised to hear Codon has shut down, given its ambitious goals and impressive lineup of investors and researchers. It had 50 to 60 employees in 2007.
"This was a very high-profile company," said Dickman, chief executive of CBT Advisors in Cambridge, who has done consulting work for Codon. "Even the all-star cast was apparently not able to save it." As of yesterday, Codon's website remained up and running, a ghostly testimony to plans that will never come to fruition.
--more--"Do you understand why I type PROMISES, PROMISES, when the LIARS, 'er, POLITICIANS are SELLING US ANOTHER SACK of SHIT?
