Athenex Files For Chapter 11 Bankruptcy

(RTTNews) - Athenex Inc. (ATNX) said that the company and certain of its subsidiaries filed voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. This will enable the company to divest its assets and wind down the Athenex platform in an orderly fashion, while seeking to maximize value for its stakeholders.

Athenex noted that it has reached agreement with its lenders to move forward with an expedited sales process of the company's assets across its primary businesses: Athenex Pharmaceutical Division, Orascovery, and Cell Therapy.

The company anticipates concluding the expedited sales process by July 1, 2023, with the Chapter 11 cases continuing thereafter to resolve claims.

The company said it has sufficient resources to support Athenex Pharma Solutions operations and fulfill Athenex Pharmaceutical Division customer orders during process.

Athenex Pharma Solutions, which includes the Company's manufacturing facility in Clarence, New York, is expected to continue its operations for at least the next 90 days, to provide commercial supply of tirbanibulin ointment. In addition, Athenex Pharmaceutical Division is continuing to operate in the ordinary course and fill customer orders with the ample inventory it has on hand.