Ambrilia Biopharma files for bankruptcy
Delists from Toronto Stock Exchange
Canadian biotechnology firm Ambrilia, a developer of cancer drugs, is to file for bankruptcy under the Bankruptcy and Insolvency Act, nearly two years after receiving court protection from creditors under the Canadian Companies’ Creditors Arrangement Act (CCAA).
Ambrilia’s shares were delisted from the Toronto Stock Exchange on 4 March and Raymond Chabot has been designated as bankruptcy trustee.
All of the directors of the Montreal-based company, Frédéric Porte, Phil Tabbiner, Bonabes de Rougé and Faraj Nakhleh, have resigned, with immediate effect.
Ambrilia has been operating under the protection of the CCAA since 31 July 2009 and has steadily been cutting jobs and selling assets since then.
The company’s remaining assets include oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor programme, as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds.