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Arbios Systems files Chapter 11

This article was originally published in The Gray Sheet

Executive Summary

The maker of the Sepet liver assist device files for bankruptcy protection on Jan. 9, with plans to sell the company through a bid solicitation plan. In a phase I/II clinical trial, 11 out of 14 patients saw a reduction in hepatic encephalopathy. Last summer, Arbios acknowledged it would need to raise considerable capital to conduct the additional trials needed to launch the device in the U.S. and Europe (1"The Gray Sheet" June 9, 2008, p. 10). The company announced in August it had suspended all operations except fundraising efforts to support a Sepet launch or to enter into a strategic partnership
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