Arbios Systems has suspended its operations and terminated its employees so it can focus on raising funding.

It must raise additional funds or enter into a strategic relationship to finance the completion of clinical trials for its Sepet liver assist device, the preparation and submission of applications to the FDA and other authorities for marketing in Europe and maintenance of its intellectual property, Arbios said.

The liver assist device is a disposable cartridge used to cleanse the body of harmful impurities that could damage the liver, lungs, brain or kidneys. The company said if it does not secure financing or a strategic transaction by Aug. 31, it will consider liquidation.

SOURCE: FDANEWS

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