New Chapter 11 Bankruptcy - PhaseRX Inc. ($PZRX)
PhaseRX Inc.
- 12/11/17 Recap: Seattle-based and once-VC-backed publicly-traded ($PZRX) biopharma company focused on therapeutics developed to treat enzyme deficiencies in the liver via intracellular enzyme replacement therapy (after a pivot from from focusing on the treatment of liver cancer) filed for bankruptcy. The company seeks a sale through bankruptcy.
- Jurisdiction: D. of Delaware (Judge Sontchi)
- Capital Structure: $500k promissory note (Titan Multi-Strategy Fund Ltd.), $16.2mm 8% convertible notes, $4mm 5% term loan, $5.1mm secured loan (Hercules Capital Inc.)
- Company Professionals:
- Legal: Polsinelli PC (Christopher Ward, Shanti Katona, Nicholas Griebel)
- Investment Banker: Cowen & Company
- Claims Agent: Donlin Recano & Co. Inc. (*click on company name above for free docket access)
- Other Parties in Interest:
- Large Equityholders/Venture Capital: (Arch Venture Fund VII LP, 5AM Ventures, Savoy Therapeutics Corp., Versant Venture Capital III LP)
- Hercules Capital Inc.
- Legal: Cole Schotz PC (Patrick Reilley, Stuart Komrower)
Updated 12/12/17