ALTU
15 years ago
NASDAQ Busted ALTU Trades; Class Action Suit?
How can the below after-market trade reversal by NASDAQ 10/28/09 be considered fair and reasonable?
From E*trade,
Your trade inquiry for order #5307 sell 60,000 ALTU at $0.26 has been reviewed and completed.
There were a number of trades that were reversed by NASDAQ which included your order. From nasdaqtrader.com:
'Pursuant to Rule 11890(b) NASDAQ, on its own motion, has determined to cancel all trades in security Altus Pharmaceuticals Inc (ALTU) at or above $0.2497 that were executed between 15:12:00 and 15:14:00 ET. This decision cannot be appealed. MarketWatch has coordinated this decision with other UTP exchanges. NASDAQ will be canceling trades on the participant's behalf.'”
E*TRADE Account Alert
Wed Oct 28 16:06:32 2009 - Sell 60000 ALTU Execution Reversed
Dear Valued Investor,
Account: xxxx- The reported execution of your Sell order for 60000 ALTU at $0.26 on 10/28/09 was incorrect. Your order execution has been reversed. See order # 5307 for details.
CHARLIE125
15 years ago
Altus Pharmaceuticals Inc. (ALTU)
Friday, September 25, 2009
BUYINS.NET: Altus Pharmaceuticals (ALTU) Has Been Added To Naked ...
Altus Pharmaceuticals Inc. (NASDAQ: ALTU), together with its subsidiaries, focuses on the development and commercialization of oral and injectable protein therapeutics for patients with gastrointestinal and metabolic disorders. Its lead product candidates include ALTU-238, completed Phase II clinical trial in adults, is a crystallized formulation of human growth hormone for the treatment of hormone deficiency and related disorders; and ALTU-237, completed Phase I clinical trial, which is used for the treatment of hyperoxalurias and kidney stones. The companyais preclinical research and development programs include ALTU-236, an orally-administered enzyme replacement therapy product candidate designed to reduce the long-term effects associated with excess levels of phenylalanine; and ALTU-242, an orally-administered enzyme product candidate designed to reduce the long-term effects associated with excess levels of urate, which precipitates and forms crystals in joints causing a painful erosive arthritis, known as gout. Its product candidates are designed to substitute a protein that is in short supply in the body, degrade toxic metabolites in the gut, and remove them from the blood stream. Altus Pharmaceuticals has a license agreement with Cystic Fibrosis Foundation Therapeutics, Inc. to use its intellectual property to develop, manufacture, and commercialize any product using, in any combination, the three active pharmaceutical ingredients which comprise Trizytek. Altus Pharmaceuticals Inc. was formerly known as Altus Biologics Inc. and changed its name to Altus Pharmaceuticals Inc. in May 2004. The company was incorporated in 1992 and is based in Waltham, Massachusetts. There is a failure to deliver in shares of ALTU.
paulbk
15 years ago
Guess I should have paid more attention:
http://google.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6798476-839-6173&type=sect&TabIndex=2&companyid=688092&ppu=%252fdefault.aspx%253fsym%253dALTU
On September 11, 2009, Altus Pharmaceuticals Inc. (the "Company") determined to commence a process to wind down the business of the Company. To that end, the Company is in discussion with creditors and vendors, and is making efforts to maximize the value of its assets. In connection with this process, the Company has suspended its pediatric Phase 2 clinical trial of ALTU-238, the Company’s hGH product candidate for growth hormone deficiency. In connection with the winding down, the Company is implementing a reduction in headcount of substantially all of its remaining employees on a phased basis in September and October of 2009.
Employees affected by the restructuring plan have received notification and will be provided with severance payments. Severance expenses will be paid in a lump sum.
The Company expects to record a restructuring charge of approximately $1.3 million in the third quarter of 2009 and $1.4 million in the fourth quarter of 2009, primarily representing cash payments for severance and related expenses. The Company may also incur further restructuring charges that could be significant due to events that may occur as a result of, or associated with, the restructuring plan, including the termination of contractual obligations and facilities-related costs.
surf1944
15 years ago
Altus Pharma: Cash may be dry by OctoberBoston Business Journal - by Julie M. Donnelly
Altus Pharmaceuticals is set to run out of cash at the end of next month if the drug developer is unable to ink a partnership or other financial deal to remain as a going concern, according to a regulatory filing.
“As a result of our current cash position and in order to continue operating the company, Altus needs to raise additional capital before the end of September,” CEO Georges Gemayel said in a prepared written statement.
The company’s ash and cash equivalents balances as of June 30 totaled $8.1 million.
The Waltham, Mass.-based biotechnology company reported a loss of $4.9 million for the second quarter of 2009, down from a loss of $25.3 million in the second quarter of 2008. Research and development costs were slashed to $4.9 million in the second quarter of 2009 compared with $21.0 million in the second quarter of 2008.
Research and development expenses for the second quarter of 2009 decreased primarily due to discontinuing activities related to Altus’ Trizytek program in the first quarter of 2009. The company decided last quarter to stop work on the drug target for Cystic Fibrosis to focus its limited resources on another drug target for patients with growth hormone deficiency.
The Trizytek program reverted to the Cystic Fibrosis Foundation, and eventually found a home with Cambridge, Mass.-based Alnara Pharmaceuticals.
Altus also achieved savings due to the layoff of 70 percent of its staff in March, mostly of employees who had worked on the halted Trizytek program. The company recorded one-time restructuring charges of $5.1 million in the six months ended June 30, due mainly to the layoffs. On July 1, the company renegotiated the terms of its two facility leases as part of a move to consolidate its operations into one facility in the second quarter of 2009.
Altus’ (Nasdaq:ALTU) shares closed at $.37 Tuesday. The company is in danger of being delisted by the Nasdaq. On July 31, the stock exchange reinstituted its requirement that listed companies have share prices above a dollar.
surf1944
15 years ago
Altus Pharmaceuticals Reports First Quarter 2009 Financial Results
On Monday May 11, 2009, 8:47 am EDT
WALTHAM, Mass.--(BUSINESS WIRE)--Altus Pharmaceuticals Inc. (NASDAQ: ALTU - News) today reported financial results for the quarter ended March 31, 2009.
First Quarter 2009 Results
For the first quarter of 2009, the Company reported a net loss attributable to common stockholders of $20.7 million, or $0.66 per share, compared to a net loss attributable to common stockholders of $24.6 million, or $0.80 per share, in the first quarter of 2008. Altus did not earn revenue for the first quarter of 2009 compared to reporting $2.6 million in the first quarter of 2008. The Company’s contract revenue in 2008 consisted of amounts earned under former collaborative research and development agreements relating to Trizytek and ALTU-238.
Research and development expense totaled $14.0 million in the first quarter of 2009 compared to $21.6 million in the first quarter of 2008. The decrease in R&D expense is primarily due to the completion of the Trizytek Phase 3 efficacy trial which was ongoing during the first quarter of 2008. General, sales and administrative expense totaled $3.4 million in the first quarter of 2009 compared to $5.8 million in the first quarter of 2008.
Cash, cash equivalents and marketable securities at March 31, 2009 were $25.0 million. Altus believes the current cash, cash equivalents and marketable securities position will last into September of 2009.
On January 26, 2009, Altus announced a strategic realignment to focus on the advancement of ALTU-238 and, to conserve capital resources, discontinue its Trizytek development activities. In connection with the realignment, the Company implemented a workforce reduction of approximately 70% of its workforce, primarily in functions related to the Trizytek program as well as certain general and administrative positions. As a result of these activities, the Company recognized a charge of $3.6 million in the first quarter of 2009, primarily for severance and related expenses. The Company anticipates taking a further restructuring charge of between $4.0 and $6.0 million in the second quarter of 2009.
“In early 2009 we implemented a strategic realignment of our product development priorities to focus on the advancement of ALTU-238, a once-per-week treatment for adult and pediatric patients with growth hormone deficiency,” stated Dr. Georges Gemayel, President and Chief Executive Officer of Altus Pharmaceuticals. “We believe that ALTU-238 represents a promising opportunity to make a major impact on the multi-billion dollar market for growth hormone replacement products.”
Gemayel continued, “As we continue to implement our realignment plan, we are negotiating the terms of certain obligations that are not associated with the current operating plan. One positive outcome resulting from these discussions is an agreement with Dr. Falk to settle our remaining financial obligation of €5.0 million. I am pleased to report that we will make a final settlement payment of €1.8 million in May 2009.”
ALTU-238 Program Update
ALTU-238 is being developed as a subcutaneously administered, once-per-week dosage formulation of recombinant human growth hormone (hGH) that can be administered through a fine gauge needle. Altus has successfully completed a Phase 2 trial with ALTU-238 in growth hormone deficient adult subjects and recently completed a Phase 1c trial confirming the safety, pharmacokinetic and pharmacodynamic profile of a single dose of weekly ALTU-238 compared to seven injections of daily growth hormone.
Dr. Gemayel concluded, “2009 is a crucial year for Altus. During the next several months, we will pursue additional funding to enable the ALTU-238 program to continue forward. In March we started a Phase 2 trial for ALTU-238 in growth hormone deficient pediatric subjects. We have initiated the majority of the 18 U.S. clinical sites that are participating in this clinical trial and they have begun screening patients. The target for enrollment is 36 growth hormone deficient pediatric patients.”
Conference Call Access Information
The Company will host a conference call to discuss its first quarter results at 11:00 a.m. ET on May 11. The call may be joined via telephone by dialing (877) 718-5101 or (719) 325-4772 (for international participants) at least 5 minutes prior to the start of the call. The conference confirmation code is: 7594867. For 72 hours following the call, an audio replay can be accessed by dialing (719) 457-0820 or (888) 203-1112 and using the conference confirmation code 7594867. A live audio webcast of the call will also be available on the "Investor Relations" section of the Company's website, www.altus.com. An archived audio webcast will be available on the Altus website approximately two hours after the event and will be archived for 30 days.
pj McMulligan
15 years ago
Powerful techs... doubled my position on Friday :D
Altus Pharmaceuticals to Host First Quarter Investor Conference Call on May 11, 2009
On Monday, May 11, 2009 before the market opens, Altus Pharmaceuticals Inc. (NASDAQ: ALTU) expects to report its results for the quarter ended March 31, 2009.
The Company will host a conference call to discuss the results at 11:00 a.m. ET on May 11. The call may be joined via telephone by dialing (877) 718-5101 or (719) 325-4772 (for international participants) at least 5 minutes prior to the start of the call. The conference confirmation code is: 7594867. For 72 hours following the call, an audio replay can be accessed by dialing (719) 457-0820 or (888) 203-1112 and using the conference confirmation code 7594867.
A live audio webcast of the call will also be available on the "Investor Relations" section of the Company's website, www.altus.com. An archived audio webcast will be available on the Altus website approximately two hours after the event and will be archived for 30 days.
About Altus Pharmaceuticals Inc.
Altus Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of oral and injectable protein therapeutics. The Company's website is www.altus.com.
Altus Pharmaceuticals Inc.
Thomas Phair, 781-373-6432
Vice President, Finance
Source: Business Wire (May 8, 2009 - 9:24 AM EDT)
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