Clearside Biomedical, a biopharmaceutical company, has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. As part of the case, Clearside also intends to file a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire Clearside’s assets in whole or in part, which would be purchased free and clear of liens and interests.
“Our board of directors and management team have thoroughly assessed all of our strategic options and believe that this Chapter 11 structured process represents the best possible option for Clearside and its stakeholders,” George Lasezkay, president and CEO of Clearside, said. “We believe that we have attractive assets based on our clinically proven SCS Microinjector platform and associated intellectual property, our successful suprachoroidal CLS-AX (axitinib injectable suspension) clinical development program, multiple suprachoroidal licensing agreements and other related assets.”
Clearside has filed a series of motions with the court seeking to ensure the continuation of normal operations during this process.
Cooley and Richards, Layton & Finger are serving as legal counsel and Berkeley Research Group is serving as financial restructuring advisor to Clearside.
