Allena Pharmaceuticals Shares Fall After Filing For Bankruptcy

Author: Vandana Singh | September 06, 2022 07:06am

• In its SEC filing, Allena Pharmaceuticals Inc (NASDAQ:ALNA) filed for chapter 11 bankruptcy protection and terminated the employment of substantially all of its employees.
• In January, the company announced exploring strategic and financing alternatives.
• The company terminated substantially all of its employees, including Louis Brenner, President and Chief Executive Officer of the Company, and Richard D. Katz, Chief Financial Officer.
• The company said it intends to continue operating at a reduced level.
• Allena expects the filing to cancel or extinguish all outstanding shares without any payment or other distribution. 
• After receiving a Nasdaq delisting warning, Allena requested a hearing, said it is unlikely to pursue the hearing, and expects its stock to be soon suspended. 
• Last month, the company signaled it lacks the financial resources to conduct studies for ALLN-346 for hyperuricemia and gout in the setting of advanced chronic kidney disease.
• Earlier this year, Allena terminated the URIROX-2 study after the company believed separating the reloxaliase and placebo groups for the UOx primary endpoint was lower than expected. 
• Price Action: ALNA shares are down 9.36% at $0.09 during the premarket session on the last check Tuesday.

Posted In: ALNA