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Article: THE WRONG FORMULA.(NEWS)
- Article from:
- Crain's New York Business
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALAN SCHOENBART DUCKED AND WEAVED FOR A YEAR, trying to avoid eviction for his struggling biotech company. Forticell Bioscience's wound care treatment is promising but, in its present form, stuck with a tiny market. If the company were forced out of its finely calibrated laboratory, getting the government's stamp of approval for a product with wider applications would be that much more difficult.
"I became a masterful turnaround artist, says Mr. Schoenbart. But the company's money was running out. In April 2008, he laid off Forticell's 20 employees and ceased operations at the office in Columbia University's Audubon Science Park.
In November 2008, Mr. ...
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