Bankruptcies
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Follow along as BioSpace keeps you up-to-date on which companies are tightening their belts and cutting staff throughout 2023.
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Analysis: Biotech After SVB's Collapse
3/14/2023
The SVB failure appears to have been caused by an underwritten public offering to raise $2.25 billion to cover security losses announced during SVB’s Q1 2023 mid-quarter update. -
SVB's Fall Leaves Biotechs in Limbo
3/13/2023
The California Department of Financial Protection and Innovation shut down the Silicon Valley Bank Friday, a top financial institution for the life sciences industry, leaving biopharmas scrambling. -
As life sciences companies feel the burn of the current economy, one Bay Area biotech, CODA Biotherapeutics, quietly shut its doors.
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Lucira Health to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process
2/22/2023
Lucira Health, Inc., a medical technology company, announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
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Sorrento Therapeutics, Inc. Receives Court Approval for $75 Million Financing in Chapter 11 Case
2/21/2023
Sorrento Therapeutics, Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas granted interim approval of Sorrento's $75 million debtor-in-possession financing from JMB Capital Partners, in connection with Sorrento's chapter 11 case, which was filed on February 13, 2023.
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Sorrento Therapeutics, Inc. Receives Court Approval for "First Day" Employee Wages and Cash Management Motions
2/16/2023
Sorrento Therapeutics, Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas granted approval of Sorrento's employee wages motion and interim approval of its cash management motion, in connection with Sorrento's chapter 11 petition, which was filed on February 13, 2023.
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Joint Statement by Sorrento Therapeutics, Inc. and Scilex Holding Company on Today’s Isolated Chapter 11 Filing By Sorrento Therapeutics, Inc.
2/13/2023
Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics, Inc. and an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, together with Sorrento, issued the following statements:.
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Invacare Corporation Takes Action to Strengthen Its Financial Position and Drive Long-Term Growth Through Voluntary Prearranged Chapter 11 Cases That Do Not Include Its International Operations
2/1/2023
Invacare Corporation, a leading manufacturer and distributor of medical equipment used in non-acute care settings, announced actions to strengthen the company and position it for long-term success.
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Clovis Oncology officially files for Chapter 11 bankruptcy.
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Clovis Oncology Files for Chapter 11 Protection and Enters into Agreement to Sell FAP-2286
12/12/2022
Clovis Oncology, Inc. announced that it and certain of its subsidiaries have voluntarily initiated a Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware and will seek to sell their assets through a court supervised sales process.
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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.
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PhaseBio plans to file Chapter 11 bankruptcy and sell off its bentracimab assets under a stalking horse arrangement with an unnamed “large pharmaceutical company.”
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PhaseBio Plans for Near-Term Sale Using Structured Process Through Chapter 11 of U.S. Bankruptcy Code
10/24/2022
PhaseBio Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for cardiovascular diseases, announced that it has elected to file a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
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Carestream Successfully Completes Recapitalization to Strengthen Balance Sheet and Enhance Financial Flexibility
9/30/2022
Carestream Health announced that it has successfully completed its recapitalization process and emerged from Chapter 11.
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Clarus Therapeutics Holdings, Inc. Announces Plan for Near-Term Sale of JATENZO® Using Structured Process Through Chapter 11 of the U.S. Bankruptcy Code
9/6/2022
Clarus Therapeutics Holdings, Inc. announced that it, together with its wholly-owned subsidiary Clarus Therapeutics, Inc., has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
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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.
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Mallinckrodt Emerges from Chapter 11 with Strengthened Balance Sheet and Enhanced Financial Flexibility
6/16/2022
Mallinckrodt plc announced that it has successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings.
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Mallinckrodt Announces Anticipated Chapter 11 Emergence and Provides Update on Trading of New Ordinary Shares
6/13/2022
Mallinckrodt plc announced that it expects to complete its reorganization process, emerge from Chapter 11 and complete the Irish Examinership proceedings in the coming days.
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Zosano Pharma Files Voluntary Petition for Relief Under Chapter 11
6/2/2022
Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced that on June 1, 2022 it filed a voluntary petition for relief under chapter 11 of title 11 (“Chapter 11”) of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware.