Aryx Therapeutics has money until September
Aryx Therapeutics Inc. lost $6.4 million in the March quarter, down from a loss of $9.8 million a year earlier.
The Fremont drug business (NASDAQ: ARYX), which cut itself down to 17 workers in February, had no revenue during the quarter. It also had no revenue a year ago in the first quarter.
Since it started, Aryx has accumulated a deficit of $193,499,000. Drug companies often run up big deficits while seeking and testing possible treatments.
At quarter’s end, Aryx had $6.3 million in cash and near money. That’s just enough money to operate until September.
Aryx has hired investment bank Cowen to help it figure out its future.