Infinity comes to an end with Chapter 11 bankruptcy filing
02 Oct 2023
Executive ChangeClinical Trial FailureAcquisition
Preview
Source: FierceBiotech
Infinity was developing eganelisib in several mid-stage studies, including urothelial cancer and in solid tumors.
After a merger with MEI Pharma was unsuccessful, Infinity Pharma has filed for bankruptcy, just as executives had warned when the deal fell through.
The Cambridge, Massachusetts-based biotech filed for Chapter 11 bankruptcy on Friday “after considering all strategic alternatives,” according to a regulatory filing dated Sept 28. The company will continue to operate at a reduced level while a restructuring transaction or asset sale is conducted.
At the same time, board member Adelene Perkins resigned from her role as chair.
Infinity cut three-quarters of its staff and three board members in July after a planned combination with MEI Pharma fell through. Infinity had warned in March that the merger may be the last chance to avoid bankruptcy for the cancer-focused company.
Infinity was developing eganelisib in several mid-stage studies, including urothelial cancer and in solid tumors. As the financial troubles mounted, the company tried to look for a strategic transaction to keep the med going. Ultimately, those efforts did not secure a company-saving deal.
Meanwhile, MEI has been trading barbs via press release with two shareholders Anson Funds and Cable Car Capital LLC, as the two firms try to remove board members. On Monday, MEI adopted a stockholder rights plan, also known as a poison pill defense, to try and deter the firms from taking control.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Targets
-Drugs
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.