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CABG Medical faces dissolution

This article was originally published in The Gray Sheet

Executive Summary

A shareholder meeting will be held April 27 to vote to dissolve the firm, allowing for a distribution of $1.20-$1.47 per share to shareholders, equal to $22 mil.-$27 mil. in aggregate. The move comes after the company failed to engage in any discussions "that management believes could reasonably lead to an acquisition offer." The news follows the firm's failure to complete a satisfactory clinical trial for its Holly Graft paclitaxel-eluting coronary bypass system (1"The Gray Sheet" Feb. 13, 2006, p. 8). In addition, the firm has fired seven of its 11 employees as losses mounted to $9.7 mil. for 2005, compared to $3.5 mil. in 2004, primarily due to paclitaxel licensing payments to Angiotech...
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