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NephroGenex Chapter 11 Petition Filed

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NephroGenex filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 16-11074. The Company, which is involved in the development of drugs to treat kidney disease, is represented by David R. Hurst of Cole Schotz.

According to documents filed with the Court, “Despite the diligent efforts of the Debtor and its professionals, the Debtor has been unable to date to consummate a transaction that would provide the Debtor a path forward. In light of this, and of the Debtor’s dwindling cash balance, the Board made the difficult decision to file for chapter 11 protection in order to preserve the Debtor’s remaining assets and implement a process to maximize value for the Debtor’s constituents….The Debtor anticipates that it will seek approval of appropriate bidding and sale procedures in the early weeks of the Chapter 11 Case.”

Read more medical bankruptcy news.