Chapter 7 Filings for Dallas Construction Company and Durham Drug Maker
Viewtech Construction, a nearly 40-year-old engineering and building company based near Dallas, Texas, filed for Chapter 7 bankruptcy last month, the Dallas Business Journal reports.
The company lists less than $50,000 in assets and may owe as much as $50,000 to creditors.
Aroglyn Bioscience also filed for bankruptcy recently. The company, based in Durham, N.C., was working on a pain reliever built around some proprietary formulas developed by a professor at the Medical University of South Carolina.
The drugs would use amino acids and peptides to relieve pain, and the company received quite a bit of venture capital. However, after some recent testing, the company determined that the medicine would not be powerful enough, particularly in a market with lots of competitors like Tylenol and Advil.
According to the Wall Street Journal, the company is calling it quits before entering into the expensive clinical trials, which are often make-or-break moments for potential drugs.
The company lists $73,000 in assets and just over $450,000 in liabilities.