Wednesday, October 21, 2009
Orqis Medical Assets Go On The Block
The physical assets of Lake Forest-based Orqis Medical, a venture backed firm which was developing treatments for congestive heart failure, are slated to go up for auction next week, according to auctioneer CowanAlexander. According to CowanAlexander, it is putting up the firm's lab equipment, lab furniture, machine shop, tools, servers, PCs, and other assets up for sale on October 27th. Orqis failed to receive FDA approval on its treatments in August. The firm was backed by Boston Scientific, Care Capital, Domain Associates, HealthCare Ventures, Johnson & Johnson Development, Lighthouse Capital, Rho Ventures, and Wasatch Advisors, and had raised over $72M in venture capital. No details on the status of the firm's corporate status or intellectual property were available.