55° M/CLOUDY, SANTA ROSA
Bankrupt startup Endomatrix sold
Last Modified: Friday, May 9, 2008 at 4:51 a.m.
Endomatrix Inc., a Santa Rosa startup that marketed a dietary supplement to promote cardiovascular health, has been sold in a bankruptcy proceeding.
Endomatrix developed Provasca with Actothil, a nutritional product designed to reduce inflammation of the arteries.
The active ingredient in Provasca was extracted from seaweed. The product was made for Endomatrix by a division of pharmaceutical giant Pfizer Inc.
The company, founded in 2000, had received about $6 million in private funding.
Endomatrix filed for bankruptcy in December, reporting $2.1 million in debt and $516,000 in assets. Dr. Bruce Daniels, an Oklahoma City physician and early investor in Endomatrix, acquired its assets in April for $35,000.
The company's former CEO, Glenn Foley, said Tuesday that he hasn't been involved with Endomatrix for several years.
-- Steve Hart
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