Throw­ing in the tow­el, trou­bled an­tibi­ot­ic mak­er Ar­a­digm files for Chap­ter 11

One year ago, a cash-strapped Ar­a­digm let go of its CEO, CFO and CMO in a fi­nal at­tempt to re­vive the com­pa­ny fol­low­ing a dev­as­tat­ing FDA re­jec­tion for its in­haled an­tibi­ot­ic. De­spite ex­ec­u­tive chair­man John Siebert’s best ef­forts, things seem to have gone down­hill since then: Ar­a­digm be­gan the year with the ac­knowl­edge­ment that its stock has tum­bled from the Nas­daq to an over-the-counter mar­ket. To­day, it’s of­fi­cial­ly de­clar­ing bank­rupt­cy to sell off what re­mains of its spe­cial­ty phar­ma busi­ness.

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