Durham, NC-based Adherex is warning investors that it will have to close operations unless it can secure additional funding. The company has $10 million on hand, which it says will see it through June of 2009. Adherex's lead drug candidate is ADH-1 for melanoma. It has no marketed drugs.
Analysts say the company could raise funds by issuing more stock, but that might be a tricky move in the current economic environment. Adherex's best hope may be finding a partner for its drug programs. The company had inked a $100 million pact with GSK for ADH-1 but GSK pulled out of the pact in 2006.
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