Bankruptcy
As life sciences companies feel the burn of the current economy, one Bay Area biotech, CODA Biotherapeutics, quietly shut its doors.
Clovis Oncology officially files for Chapter 11 bankruptcy.
Bankruptcy might be looming for embattled Clovis Oncology, the company warned Wednesday in a 10-Q filing. Clovis also revealed it has taken action to reduce its workforce by 115 employees.
PhaseBio plans to file Chapter 11 bankruptcy and sell off its bentracimab assets under a stalking horse arrangement with an unnamed “large pharmaceutical company.”
Endo International filed for bankruptcy Tuesday in the U.S. Bankruptcy Court in New York due to its debt load of over $8 billion and the thousands of opioid lawsuits.
Genocea’s board of directors voted to wind down ongoing operations and terminate its remaining staff, except for those necessary to see the company’s closing.
As Martin Shkreli, Elizabeth Holmes and Sunny Balwani, and the Purdue bankruptcy deal play out, there is even more drama beyond the stories–a failure to pay legal fees.
Shares of Kaleido Biosciences are plunging after the company announced its intentions to cease all company operations, lay off its remaining staff and delist from the Nasdaq Exchange.
A trustee with the DOJ filed a request for an “expedited stay” in order to prevent the initiation of the bankruptcy plan.
The Sacklers did not admit to any wrongdoing and have never been charged directly for the issue. Still, Purdue Pharma has pleaded guilty twice in its erroneous marketing efforts for OxyContin.
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