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California Medical Device Developer Files for Bankruptcy

Arbios Systems was working on creating a kidney dialysis alternative.

By: Editor

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Arbios Systems Inc., which has been creating a kidney dialysis alternative, said it has filed for Chapter 11 bankruptcy protection and may sell the company.

The Pasadena, Calif.-based firm, which made the announcement Jan. 9, halted operations in August except for efforts to raise capital to support the development of its Sepet technology or enter into a strategic transaction.

The company’s board concluded that because of the company’s limited cash and slumping economic conditions, the best strategy is to sell the company or its assets under bankruptcy protection.

The firm’s principal assets include technology, which the company said successfully completed a mid-stage clinical trial and had obtained U.S. Food and Drug Administration permission to start a late-stage pivotal trial.

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