Organogenesis revived
This article was originally published in The Gray Sheet
Executive Summary
Re-privatized maker of Apligraf living skin substitute will unveil a 15-20 person sales force in January, with plans to achieve profitability by February - six months after emerging from Chapter 11 bankruptcy. No additional capital will be needed to reach that milestone, the firm reports, due to funding from a group of six investors led by Chairman and CEO Alan Ades. The firm filed for Chapter 11 in 2002 to escape an exclusive marketing agreement with Novartis (1"The Gray Sheet" Sept. 30, 2002, In Brief). Having jettisoned its FortaFlex rotator cuff repair patch and other products, the 80-employee firm will focus mainly on selling Apligraf to treat diabetic foot ulcers and venous leg ulcers...
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Organogenesis
Return of Apligraf bi-layered, living skin substitute to the market will be sought under a chapter 11 bankruptcy reorganization plan filed Sept. 25 in Boston federal court. An exclusive distribution pact with Novartis was terminated earlier this month when the parties failed to agree on an amended arrangement (1"The Gray Sheet" Sept. 16, 2002, In Brief). The Canton, Massachusetts firm's workforce was subsequently cut from 125 to 15...
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