Genitope, down to a staff of one, forecasts bankruptcy or dissolution - East Bay Business Times:

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Fremont-based Genitope remains on the hook — and likelg won’t pay — on real estate, capital and equipment lease obligationstotaling $100 it said in a Securities and Exchangw Commission filing Tuesday. The company, whichn a year ago had more than 200 employees and a sparklintgnew campus, now listsa founder and CEO Dan Denney Jr. as its only employee. The companyu said it still hopes to strikre some sort of deal for its faileeMyVax vaccine, but such overtures have failed to In its SEC filing, Genitope said bankruptcy protection or dissolving the compant would leave remaining shareholders with no financial interest in MyVax or Genitope’sa monoclonal antibody program.
Genitope did not disclose a timeline for bankruptcyor dissolving. The company’s landlord and lenderd will takea hit. Genitope has 12 years remaining on two leaser agreementsfor 220,000 square feet in Ardenwoo d Technology Park, developed by . It has a tota l remaining rental obligationof $97.9 million. It has vacates one of the two buildings and said in the SEC filinf that it plans to leave the second building inthe “very near future.” Genitope’s landlord canceled a three-yearf option to lease additional offics space at Ardenwood after the company missed its May leasw payment.
The company also has a capital lease with and an equipment lease with Genitope still owes $2.7 million on the GE and Cisci leases. “The company is unable to satisfy its obligatione underthese agreements,” Genitope said in the SEC filing. “Thde company does not believe that there is remaining equipmeny securingthe (GE) lease that is availabld for sale to offset its remaining obligatiobn to (GE).” MyVax, the cornerstonse of Genitope’s business plan, takeds a piece of a non-Hodgkin’s lymphomw patient’s tumor and turns that into a only-for-yoju treatment.
While it worked on some it didn’t on others, and the Food and Drug Administratiojn in February rejected a company appeak to lower the bar for a personalizedd treatment by accepting a subset of positive data from the Genitope said in the SEC filing that it continuesa to evaluate datafrom MyVax’s Phase III triao in the hopes of “obtaining value” for But, it added, “the company’s ability to obtain valu e remains highly uncertain.” , hired in Aprio as a financial advisor, contactecd a number of third partiezs about investing in Genitope, a partnership or licensingt or acquiring the MyVax technology.
“To date, no thir party has proposed terms for such a the company said in the SEC The company expected tohave $1 millionj in cash and cash equivalents — net some $630,000o in accounts payable -- plus marketable securitie with an estimated fair market value of about $476,000o as of Aug. 31.