Tapestry Pharmaceuticals, one of the state’s early biotech companies, filed for Chapter 11 bankruptcy protection Thursday.
The Boulder-based company listed less than $100,000 in assets and between $1 million and $10 million in liabilities.
Tapestry started as NaPro BioTherapeutics in 1991 and went public in 1994. Its shares reached as high as $172.50 after adjusting for splits.
In 2003, the company sold its cancer drug Paclitaxel to Mayne Pharma USA for $72 million, and in 2004, NaPro changed its name to Tapestry.
The company had another drug, TPI 287, in clinical trials for the treatment of drug-resistant solid tumors. But in February 2008, the company said it had run out of cash and was preparing for bankruptcy.
Tapestry had 60 employees in 2005 but pared that to about a dozen last year. Its phone line was disconnected Friday, but its website was still working. Aldo Svaldi, The Denver Post
