Allux Medical shuts down, turns to Sherwood
Silicon Valley shutdown/turnaround consultancy Sherwood Partners has been called in by ailing Allux Medical, a Menlo Park, Calif.-based developer of devices used to treat airway and skin inflammatory diseases. The company, which managed to raise $13 million in capital and a $1.68 million bridge round, has already unplugged its web site and phone number. Sherwood has not released any plans for Allux, nor the status of the company, which had operated in stealth mode since its founding in 2004.
Sherwood told VentureWire that it has seen an uptick in its business since the economic slump set in, fielding offers from investors looking to salvage their portfolio companies by hook or by crook. Most recently, it helped divvy up now defunct advertising tech firm Reactrix Systems.
Allux’s past investors included Prospect Venture Partners, Three Arch Partners and Venrock.
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