💊New Chapter 11 Bankruptcy Filing - Athenex Inc. ($ATNX)💊
On May 14, 2023, NY-based and publicly-traded Athenex Inc. (“Athenex,” $ATNX) and five affiliates (the “debtors”) filed chapter 11 bankruptcy cases in the Southern District of Texas (Judge Jones).
The debtors are a global oncology-focused biopharma company with one drug in the market (Klisyri); in early ‘21, the debtors had a new drug application Heisman’d by the US Food and Drug Administration, which indicated that the debtors needed to undertake additional clinical trials. New clinical trials require capital and the capital markets have been largely unforgiving of late (in case you were unaware).1 This created a kind of death spiral for Athenex and the debtors have been in a state of triage ever since.