TurboWorx has filed for Chapter 11 bankruptcy protection, and the company’s board of directors and senior executives have resigned.
The company is still operational, according to ex-CEO Srini Chari, who said in May that he and other former TurboWorx officials are working with the firm’s debt-holders to ensure that some of its “strategic” operations will go forward following a “restructuring.”
The company has secured an undisclosed amount of interim funding from Oasis Capital to support its short-term operations, Chari says. While he notes that it is still too early in the process to discuss detailed plans for the restructuring, he says that company officials hope to retain some “key” partnerships, clients, and developers.
The bankruptcy filing follows a series of attempts by TurboWorx over the last year to shore up its dwindling cash position amid falling revenues.
TurboWorx, originally founded in 2000 as TurboGenomics, has maintained a focus on IT infrastructure for life science computing, although its business model has evolved over the years. The firm’s first product, TurboBlast, was a distributed version of the Blast search algorithm. In 2003, the company moved into the biocluster-management market with the acquisition of Argentys, formerly Blackstone Computing. More recently, the company shifted gears to address the growing workflow sector with the launch of TurboWorx Enterprise, a platform that combines both cluster and workflow management.
According to an amended registration statement that the company filed in October, the firm’s revenues have been in decline over the past year and a half, and despite several cash infusions from a series of investors, total cash holdings as of Sept. 30, 2005, stood at $38,000.
According to a financial statement, TurboWorx posted revenues of $426,406 in 2004, $507,841 in 2003, and $459,158 in 2002. Net losses were $4.4 million in 2004, $5.3 million in 2003, and $1.9 million in 2002.
— Bernadette Toner
Sage-N Research will distribute Geneva Bioinformatics’ Phenyx mass spec platform worldwide as a pre-installed software option on its Sorcerer 2 IDA system and as a stand-alone product. Sorcerer IDA is a compact analysis system that allows researchers to submit analysis jobs for both Phenyx and Sorcerer’s version of SEQUEST using a Web interface.
Boehringer Ingelheim has extended for a year its licenses to BioWisdom’s SRS and SRS Prisma bioinformatics data integration platforms. As part of the extension, BioWisdom will be responsible for upgrading the client’s Biberach, Germany, and Ridgefield, Conn., sites to new versions of the SRS software.
The board of directors at Tripos “reaffirmed [their] commitment” to explore options for spurring growth, including selling or merging the firm, going private, or separating its informatics and research businesses. Tripos has been exploring options for its future since at least January, two months after it announced the end of its lucrative four-year collaboration with Pfizer.
EML Research in Heidelberg, Germany, launched SABIO-RK (System for the Analysis of Biochemical Pathways — Reaction Kinetics), a database of kinetic information about the reactions that take place in biochemical pathways. Most of the information in the database comes from manual extraction and curation of the scientific literature, but the framework for it is derived from information in KEGG.
US Patent 7,054,755. Interactive correlation of compound information and genomic information. Inventors: David O’Reilly, Alan Roter, Keith Bostian, and David Morgans, Jr. Assignee: Iconix Pharmaceuticals. Issued: May 30, 2006.
This patent covers “an interactive system for facilitating hypothesis construction by correlating and presenting gene expression data, bioassay data, and compound activity data, and associating gene and compound function information with product information, and facilitating product purchase,” according to the abstract.
US Patent 7,047,137. Computer method and apparatus for uniform representation of genome sequences. Inventors: Simon Kasif, Beth Logan, Pedro Moreno, and Baris Suzek. Assignee: Hewlett-Packard Development Company. Issued: May 16, 2006.
This patent covers a technique that “transforms typically differing length text string representations (i.e., sequences) of biological fragments into uniform length representations” and stores known biological sequences in a comparison database; then it compares subject sequences against known sequences to issue scores.
Accelrys wrapped up a restatement of its financial results for the past five years, and filed its latest quarterly and fiscal reports for the year ended March 31. As a result, the company expects to receive notification that it is once again compliant with Nasdaq’s listing requirements.