Fresh Tracks leaders doubt they have support for liquidation

BOULDER — Management with embattled drug maker Fresh Tracks Therapeutics Inc. (Nasdaq: FRTX), who have spent weeks trying to drum up support for a plan that would see the company dissolved and liquidated, now say they don’t think they have enough shareholder backing for that plan.

The company, which said this week that it has the support of only 46.91% of voting shareholders, intends to seek judicial dissolution, a rare process sometimes called the “corporate death penalty” in which a court forces a company out of business. 

“After conducting an aggressive stockholder outreach strategy over four different special meeting dates, we…