Cambridge Biotech Files For Bankruptcy Protection

- Cambridge Biotech has filed for Chapter 11 bankruptcy court protection in the USA to allow the company to restructure and focus on its core business, according to chief executive Jeffrey Beaver. In March, the company's auditor, Deloitte and Touche, resigned after finding the company claimed credit for at least $1.5 million in revenue that it apparently did not receive. The firm's board began an investigation that found that several significant transactions in 1992 and 1991 seem to have been fabricated. In May, the company announced that its chief executive, Patrick Leonard, had resigned. The company listed assets of $61 million and liabilities of $14.9 million.