Genitope, the beleaguered Fremont biopharmaceutical that halted development of its experimental MyVax treatment for non-Hodgkin’s lymphoma last March after the Food and Drug Administration said at least one more clinical trial was needed, saw its largest shareholder sell off its 8.1 million stake in the company for $1 on Wednesday, according to a regulatory filing made today.
CPMG, the Dallas-based investment firm, said in a filing Friday that it sold all 8,125,370 shares it controlled to Alan Powers for a total of $1. (And yes, we plugged that into a spreadsheet and got a per-share price of $0.00000012.)
Genitope shares were delisted from the Nasdaq market back in September, a move the company didn’t fight. In a filing that month, the company said it had cash and cash equivalents of approximately $1 million as of Aug. 31, and marketable securities worth an $476,000.
The company had sold or otherwise disposed of its equipment and vacated one of its two buildings in Fremont, saying it planned to vacate the second building “in the very near future”, leaving it with a “remaining rental obligation” of $97.9 million.
It was also down to a single employee, Chief Executive Dan Denney.