MoliChem, which is attempting to bring a cystic fibrosis drug to market, announced Friday that it had reacquired all rights to it.
MoliChem also announced that it is searching for additional funding and that four of its eight-member development and administrative team had been laid off.
The company issued the statement while it is closed for the holidays. Company officials could not be reached for comment.
The drug, Moli1901, had been licensed to InterMune for development and commercialization. MoliChem said that agreement had been terminated.
Moli1901 currently is undergoing clinical trials in the United States.
MoliChem (OTC: MLCM) stock traded at 10 cents, up 3 cents, Friday. In February, the stock was trading at $3.10, but the price has steadily declined and dropped below $1 in July.
Two MoliChem investors — Dacha Capital and Multivox Marketing — exercised options on stock to invest $750,000 in the company earlier this year.