Throwing in the towel, troubled antibiotic maker Aradigm files for Chapter 11

One year ago, a cash-strapped Aradigm let go of its CEO, CFO and CMO in a final attempt to revive the company following a devastating FDA rejection for its inhaled antibiotic. Despite executive chairman John Siebert’s best efforts, things seem to have gone downhill since then: Aradigm began the year with the acknowledgement that its stock has tumbled from the Nasdaq to an over-the-counter market. Today, it’s officially declaring bankruptcy to sell off what remains of its specialty pharma business.