CABG Medical goes into liquidation after Holly Graft setbacks:
This article was originally published in Clinica
CABG Medical has ceased trading after shareholders overwhelmingly approved plans to liquidate and dissolve the company. An initial distribution of $1.47 per share will be made this month and a second distribution, which could range up to $0.04 per share, will take place after the firm completes the shutdown of its Minneapolis, Minnesota-based operations. The company's stock had been offered at an initial price of $5.50 per unit, when it made its debut on the stock market at the end of 2004. The decision to close down came in February after the firm's clinical trials of its Holly Graft synthetic heart bypass graft suffered from a string of setbacks.