Bankruptcy Court Delaware Dismisses Involuntary Bankruptcy Case
MERIDEN, Conn., Sept. 14 /PRNewswire/ -- Protein Sciences Corporation (PSC) announced today that the United States Bankruptcy Court in Delaware granted PSC's motion to dismiss the involuntary bankruptcy case filed against it by Emergent BioSolutions, Inc. The Court found the involuntary bankruptcy was not in the best interests of PSC and its creditors.
PSC is a privately held biopharmaceutical company based in Meriden, Connecticut, whose mission it is to save lives and improve health, by effectively responding to our changing world with innovative vaccines and biopharmaceuticals. PSC uses recombinant DNA technology to make novel human and veterinary prophylactic and therapeutic vaccines and diagnostics. The active ingredients in all of the firm's products are recombinant proteins that are manufactured, using its patented protein expression technology, based upon baculovirus and insect cell technology.
PSC's lead product is FluBlok(R), a seasonal recombinant trivalent influenza vaccine consisting of influenza hemagglutin (HA) proteins. FluBlok is manufactured without the use of eggs, is highly purified and therefore does not require the use of thimerosal or antibiotics, and is low in endotoxins. PSC filed a Biologics License Application for FluBlok with the FDA in April 2008 that was accepted in June 2008 and received "Fast Track" designation in July 2008. PSC anticipates that FluBlok will receive FDA approval later this influenza season. Protein Sciences Corporation was recently awarded a $34.5 million contract from the U.S. Department of Health and Human Services to further develop a new technology, recombinant technology, for the production of recombinant influenza vaccines. This contract could be extended up to five years at a total cost of approximately $147 million.
SOURCE Protein Sciences Corporation