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news.TeGenero, which has been the focus of much negative attention after a trial of its monoclonal antibody TGN1412 left six trial volunteers in intensive care, has filed for bankruptcy.
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The company filed for the commencement of insolvency proceedings at a court in Wurzburg, Germany, stating that the adverse reactions caused by TGN1412 in the phase I trial have made it impossible to attract the investment necessary for the company to continue operations.
Following the filing for insolvency, the company’s assets and its management will be supervised, in accordance with German rules, by an interim-insolvency receiver until insolvency procedures have been initiated by the relevant court. The procedures are expected to commence within the next three months, at which time the official insolvency receiver will take over the management of the company’s assets.
TeGenero said TGN1412 would be listed as an asset but that “no human testing would be possible without identifying the causes of the adverse reactions experienced by the volunteers in the TGN1412-HV trial.”
The company also confirmed that the claims for compensation filed by the affected trial volunteers will continue to be handled by its insurers.