Codiak BioSciences Files For Chapter 11 Bankruptcy
- Codiak BioSciences Inc (NASDAQ: CDAK) voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets.
- The company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several parties.
- The company expects to consummate a sale of the entire business or its core assets.
- Codiak BioSciences' executive management team, including the CEO, CFO, Chief Medical Officer, and Chief Scientific Officer, will depart effective April 7.
- Douglas Williams (CEO) will remain on the Board.
- Konstantin Konstantinov, (Chief Technology Officer) will remain with the company.
- In August, the company announced a reprioritization of its clinical and research initiatives, accelerating discussions related to potential strategic corporate and program-based partnerships and restructuring operations to support a streamlined set of priorities.
- Codiak BioSciences also raised $20 million via equity in September last year.
- Price Action: CDAK shares are down 54.40% at $0.20 on the last check Monday.
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