Codiak BioSciences Files For Chapter 11 Bankruptcy

Author: Vandana Singh | March 27, 2023 12:49pm

• 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.

Posted In: CDAK