Introgen transformed into CMO (OTC:INGNQ)

After filing for Chapter 11 for bankruptcy last December it looked like there was no further scope for the Austin-based Introgen Therapeutics. However, a group of Houston investors have come forward and have decided to transform the defunct pharmaceutical company into a contract manufacturing organization. Shortly after the filing of Chapter 11 by Introgen Therapeutics, the company slashed down the staffing to only 15 employees as it was not able to sustain the market competition after FDA rejected their application and raised doubts about its cancer drug Advexin. Introgen stock shares were down drastically and there was no option for Introgen but to sell its drug portfolio and opt for contract manufacturing business.

These group of Houston investors have formed a contract manufacturing organization called Vivante GMP Solutions and in their announcements they mentioned that they had this idea of coming out with Vivante when Introgen Therapeutics was about to file the Chapter 11 for bankruptcy and they wanted to make use of Introgen Therapeutics very differently to make sure it becomes a successful contract manufacturing organization.

Soon after the bankruptcy was filed, Introgen Therapeutics’ CEO, developers and officers quit their jobs, which left Chief Operating Officer David Enloe to think about the future of Introgen’s manufacturing patents, therapeutic drug assets and manufacturing-related assets. In June 2009, a private group of investors from Houston bought all the manufacturing-related assets of Introgen Therapeutics and employed the remaining employees of Introgen to come up with their new contract manufacturing organization called Vivante GMP Solutions.

Currently, Introgen has no employees remaining as the new company Vivante GMP Solutions will rename the earlier manufacturing assets of Introgen Therapeutics and also the employees will be on the payroll of Vivante GMP Solutions.