VC-Backed Bust: Dynogen Pharma

Dynogen Pharmaceuticals Inc., a Waltham, Mass.-based drug company focused on gastrointestinal and genitourinary disorders, has filed to liquidate under Chapter 7 bankruptcy protection. It listed liabilities of $10.6 million, and assets of less than 20,000. The company last year scrapped plans to go public via a reverse merger with a SPAC called Apex Bioventures Acquisition Corp., and said it would seek out new funding. As of that time, Dynogen had raised around $67 million from firms like Atlas Venture, HealthCare Ventures, Oxford Bioscience Partners, Abingworth Management, Medica Venture Partners and Pappas Ventures.

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