PhaseRx To Voluntary File For Chapter 11 Bankruptcy Protection - Quick Facts

(RTTNews) - PhaseRx, Inc. (PZRX), a biopharmaceutical company developing mRNA treatments for life-threatening inherited liver diseases in children, said it has elected to file a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

PhaseRx intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court, in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.

The company said it is working with Cowen and Company to review financial and strategic alternatives with the goal of maximizing stockholder value. Potential alternatives may include a strategic collaboration with one or more parties, or the licensing, sale or divestiture of some, or all, of the company's proprietary technologies.

Robert Overell, president and chief executive officer of PhaseRx said, "The protection afforded under a Chapter 11 filing enables us to continue to explore strategic alternatives, including a potential merger transaction. During this time we expect to continue to operate normally, and are thankful to our dedicated employees whom we expect to remain focused on the advancement of our programs."