Neurologix, Inc. Files to Liquidate Under Chapter 7 Bankruptcy

Neurologix Inc. (NRGX), a clinical-stage developer of gene therapies for disorders of the brain and central nervous system, filed for protection under the liquidation provision of the U.S. Bankruptcy Code. The Fort Lee, New Jersey-based company listed assets of $1.2 million and debt of $12.9 million as of March 6 in Chapter 7 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 7 proceedings let companies liquidate their assets while being protected from creditors. Current company programs address conditions such as Parkinson’s disease, epilepsy, depression and Huntington’s disease, according to its website.