Genaera 宣布中止營運

"During its three decades, it was never able to get a product in the market."

這句話聽起來匪夷所思，卻是生技產業的事實。以研發創新、智財資產為本質的生技產業與以製造代工為主流的現今當紅電子業是本質迴異的產業，用電子業的思維看待生技業，只有燒錢的瘋子一詞可以形容。於1987年設立，2009年4月底宣布將中止營運的美國Genaera藥廠，在營運的30多年中，總共虧掉近300,000,000美元，相當於100億台幣。其第一階段的產品為治療糖尿病患足潰瘍外敷藥Locilex，Locilex新藥申請不幸於1999年遭FDA拒絕，之後公司轉型並改名，由Maigainin改為目前的 Genaera，以尋求新發展。 Genaera後來轉向糖尿病與肥胖藥物之研究，並以 trodusquemine (MSI-1436)為主力，進行Phase I 試驗，另外還有一項Asthma藥物授權給MedImmune進行Phase II，可惜營運不能只靠研發，資金不足終於導致其董事會於2009年4月底決定進行"a Plan of Complete Liquidation and Dissolution of the Company "。消息一出，2009-4-29 Genaera股價再挫30%，目前只有0.18美元，相當於5~6元台幣，可謂是雞蛋水餃股了。

 

"酒店關門就走人".......這句話用在生技產業的員工身上，聽起來似乎特別悲涼。

 

回顧這段歷史讓我想起一兩年前DCB授權中天的糖尿病傷口癒合藥藥物DCB-WH1 (新聞稿: 2007/08/29 - DCB-WH1正式進入技術轉移階段，糖尿病患者傷口癒合治療技術向前邁進一大步)，這個藥目前是以合一生技(Oneness Biotech)的名義向FDA申請在台灣針對40名糖尿病患進行Phase IIa的試驗，預計進行12周，將於2009年9月結束：

The primary objective of this Phase 2 study is to evaluate the efficacy of DCB-WH1 ointment in wound closure as compared to vehicle control when applied topically to chronic diabetic foot ulcers for 12 weeks. The secondary objective of this study is to collect safety information of DCB-WH1 ointment.

 

像這類外敷藥膏，若不是藥效特別驚人，我很懷疑能為中天帶來多少利潤。坦白說，台灣生技公司進行此類臨床試驗的目的大概都很模糊，並不特別著重於產品的持續開發；或許，試驗成功的消息所誘發的股價推升能力都遠比產品獲利要來得高得多，因為投資人對此類數據的意義真的外行。

 

新聞來源：

Genaera Corporation Announces Approval of Plan of Liquidation and Dissolution by Board of Directors

PLYMOUTH MEETING, Pa. , April 28 /PRNewswire-FirstCall/ -- Genaera Corporation (the "Company")(Nasdaq: GENR) today announced that its Board of Directors has determined, after extensive and careful consideration of the Company's strategic alternatives, that it is in the best interests of the Company and its stockholders to liquidate the Company's assets and to dissolve the Company. The Company's Board of Directors has approved a Plan of Complete Liquidation and Dissolution of the Company (the "Plan of Dissolution"), subject to stockholder approval. The Company intends to hold a special meeting of stockholders to seek approval of the Plan of Dissolution and has filed preliminary proxy materials with the Securities and Exchange Commission ("SEC") and will file definitive proxy materials in the near future.

The Plan of Dissolution contemplates an orderly wind down of the Company's business and operations. If the Company's stockholders approve the Plan of Dissolution, the Company intends to file articles of dissolution, satisfy or resolve its remaining liabilities and obligations, including but not limited to contingent liabilities and claims, lease obligations, severance for terminated employees and costs associated with the liquidation and dissolution, and attempt to convert all of its remaining assets into cash or cash equivalents. Based on current projections of operating expenses and liquidation costs the Company currently estimates that it will not make liquidating distributions to stockholders unless and until a sale of one or all of its assets has been consummated. Following stockholder approval of the Plan of Dissolution and the filing of articles of dissolution, the Company would delist its common stock from NASDAQ.

If, prior to its dissolution, the Company receives an offer for a corporate transaction that will, in the view of the Board of Directors, provide superior value to stockholders than the value of the estimated distributions under the Plan of Dissolution, taking into account all factors that could affect valuation, including timing and certainty of closing, credit market risks, proposed terms and other factors, the Plan of Dissolution could be abandoned in favor of such a transaction.