GlycoGenesys in Chapter 11 filing
Boston, USA-based biotechnology firm GlycoGenesys says that it and its subsidiaries have filed voluntary petitions to restructure under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the District of Massachusetts.
In addition, the company has laid off over half of its work force and effected senior management changes to allow it time to pursue strategic alternatives including a sale of the business.
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