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Still Operational, TurboWorx Files for Bankruptcy


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

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