Symbollon Pharmaceuticals Inc. is exploring its strategic options or else expects to cease operations. The drug developer currently doesn’t have sufficient cash reserves to meet its obligations. It has struggled to promote its IoGen product, which was launched late last year as a dietary supplement designed to promote breast health for women. The Framingham, Mass.-based company’s options include the sale of the company or its assets. Symbollon develops drugs based on its molecular iodine technology for women’s healthcare and anti-microbial applications. For 2008, Symbollon’s loss narrowed to $1.8 million from $3.8 million a year earlier partly on lower clinical development expenses related to IoGen. The company’s shares trade on the OTC Bulletin Board.
TorreyPines Therapeutics Inc. (Nasdaq: TPTX) will cut its workforce to three in a bid to conserve cash and provide the board more time to review the biopharmaceutical company’s potential sale along with other strategic options. The remaining staff–which includes CEO Ev Graham–will work with directors to examine and complete any possible strategic transaction. The La Jolla, Calif.-based company’s annual report includes a “going concern” statement from its auditor about TorreyPines’ ability to meet obligations beyond 2009 without access to more working capital. For 2008, TorreyPines’ revenue slipped to $6.1 million from $9.9 million a year earlier. It ended the past year with $10.9 million in cash and cash equivalents compared with $32.5 million at the end of 2007.
Wabash National Corp.’s (NYSE: WNC) board has authorized a review of its strategic options, including the sale of certain businesses and changes to its capital structure. Other options under consideration include a possible sale, merger or other business combination. The maker of refrigerated vans and intermodal equipment doesn’t plan to disclose further information about the process, unless the board approves a transaction or other alternative. Last month, the Lafayette, Ind.-based company didn’t file its 2008 annual report because it is still reviewing its financial position and liquidity requirements.
Ronson Corp. plans to divest its aviation division that operates out of Trenton-Mercer Airport. The business provides services including aircraft fueling, avionics sales, repair and maintenance, hanger and office leasing. The Somerset, N.J.-based company placed the unit on the block so it can satisfy debt obligations and have working capital to support its consumer-products operations.