💥New Chapter 11 Bankruptcy - NanoString Technologies Inc. ($NSTG)💥

Biotech company succumbs to patent litigation and seeks buyer in BK.

On February 4, 2024, NanoString Technologies Inc. ($NSTG) and three affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Goldblatt).

Founded in ‘03, NanoString is a biotech solutions company that supplies scientists with different technologies that allow them to analyze biological samples better. The technologies are used in connection with pharmaceutical product development. To date, NanoString has placed more than 1.5k scientific instruments in laboratories worldwide, which researchers have used to publish more than 7.5k peer-reviewed scientific publications. The company’s customer base comprises academic and government research facilities, biopharma companies, and clinical laboratories. Some examples include the National Institutes of Health, the MD Anderson Cancer Center, and Pfizer Inc. ($PFE).