$22 Million in VC Gone, Nuada Files for Chapter 7

Six-year-old Nuada Pharmaceuticals has laid off its remaining 13 employees and filed for liquidation. Nuada, which raised $22 million in venture funding during its brief life, filed for Chapter 7 bankruptcy -- a move that opens the way for the bankruptcy court to sell off remaining assets. The company burned through most of the $22 million it raised. In its filing with the U.S. Bankruptcy Court in the Middle District of North Carolina, Nuada lists assets of just $480,000 and liabilities of $9.71 million.

Triangle Business Journal (http://www.bizjournals.com/triangle/stories/2005/03/07/story2.html)