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Creative Antibiotics files for bankruptcy

The Swedish antibiotics company cancels its reconstruction and is now filing for bankruptcy.

Creative Antibiotics CEO Ulf Boberg.

The company had initiated a reconstruction on June 3. Creative Antibiotics is noted on Aktietorget and was removed from the list on June 25.

The company has been through a period of instability. They managed to evade liquidation recently and during the last months the board of directors has been looking for alternative funding in order to keep the business running. But since the company failed to recreate the former positive results in animal testing, the finances have become a tough issue.

Creative Antibiotics was founded in 2000 to commercialize research, principally at Umeå University, Karolinska Institute and Stockholm University. The basic idea behind the company’s translational research strategy is to be able to develop candidate drugs up to and including limited clinical trials on patients (Phase IIA). The vision has been to develop targeted treatment of infectious diseases caused by Gram-negative bacteria with a newly identified virulence mechanism.