Arbios struggling to stave off liquidation
This article was originally published in Clinica
Liver failure specialist Arbios Systems could be less than a month away from liquidation after it shutdown its day-to-day operations and released the main bulk of its workforce in order to preserve cash. The Waltham, Massachusetts company is looking to obtain financing or enter a strategic transaction to fund clinical trials for its Sepet liver assist device, and submit FDA and CE-mark applications for the product. President and CEO Shawn Cain and CFO Scott Hayashi have retained their positions at Arbios but in a part-time capacity. The company has until August 31 to secure additional financing, or it will have to consider potential liquidation. Mr Cain said that Arbios had been searching for new funds for several months and had been so far unsuccessful.