Rock Creek Pharmaceuticals Inc. is considering options — including bankruptcy — after two debtholders said the company was in default, the South Florida Business Journal reported today. The drug development company, which has historic ties to a former Virginia governor accused of corruption, says it only has $35,000 in unrestricted cash and faces payment demands of more than $10 million. Rock Creek has been working to develop a compound to treat acute and chronic inflammatory conditions, and has dedicated all its resources to research and development, it said in an Aug. 10 quarterly filing with the U.S. Securities and Exchange Commission. In October 2015, it raised $20 million in a private placement of senior secured convertible notes. On Aug. 24, one of the note holders, Hudson Bay Master Fund Ltd., sent Rock Creek an event of default redemption notice, withdrawing $6.7 million from its account and claiming it is still owed nearly $7 million, Rock Creek disclosed in a SEC filing yesterday.
