The company’s board of directors authorized the filing in a teleconference on April 1, 2009 after extensive efforts to raise funds for its ongoing drug development operations and for its H5N1 bird flu clinical trial proved unsuccessful. Since the company discontinued its manufacturing operations in January 2009 it has not had adequate revenue to sustain its operations and the inability to secure additional funding has left the company’s cash resources depleted.
As of the date of the filing of the voluntary bankruptcy petition the trustee assumed jurisdiction over all of the assets of the company, including all of the outstanding shares of DelSite Biotechnologies, Inc. and Sabila Industrial, S.A., both wholly-owned subsidiaries of the company. The company closed operations effective at the time of the filing and has no ability to continue funding the business operations of DelSite Biotechnologies, Inc. or Sabila Industrial, S.A. The business operations of Sabila Industrial were discontinued on or about January 29, 2009.
