Clearside Biomedical plunges after filing for Chapter 11 bankruptcy
Shares of drug developer Clearside Biomedical CLSD.O slide 68.7% to $0.85
Co files for Chapter 11 bankruptcy protection in a U.S. court, estimates assets in range of $1 mln to $10 mln and liabilities between $50 mln and $100 mln, as per filing
Co reported a loss of $1.14 per share in the quarter ended September 30, lesser than $1.54 per share a year ago
In its quarterly results filing on November 14, co raised going concerns, saying it may not be able to continue without additional funding or strategic transaction
As part of Chapter 11 process, co plans to pursue an auction and sale of assets under Section 363 of U.S. Bankruptcy Code
Co has been exploring a sale, licensing or partnerships to advance its drug pipeline and SCS platform - a drug delivery system - since July
Including session's move, CLSD stock down 94% YTD
Shares on track for lowest level since listing in 2024
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