Apple Tree Partners Provides Update Following Recent Cayman Court Order

NEW YORK, July 14, 2026 /PRNewswire/ -- Following the Cayman Court order issued July 10 and publicly posted on July 13, 2026, and in the context of the active and ongoing Chapter 11 restructurings of certain Apple Tree Partners (ATP) affiliates and portfolio companies, Apple Tree Partners issues the following statement to correct misinformation and provide a factual update:

Notwithstanding the Cayman Court order, nothing has been decided that affects any ATP entity under US law, and ATP and its portfolio companies continue to operate as usual. Any claims or reports of a change of control at ATP having taken effect under US law are false. The US court has not recognized the officeholders named in the Cayman Court order, and the managing director of ATP GP III Ltd. remains Seth Harrison, M.D.

Questions related to the management and operations of ATP, its affiliates, and its portfolio will be decided by the US Bankruptcy Court in due course. The outcome in Cayman Court does not alter any of the findings of the US Bankruptcy Court, nor does it impact in any way the authority that the Delaware court has clearly and repeatedly reserved for itself solely to decide the go-forward plan for the Fund and the ATP portfolio companies.

Two Delaware courts have ruled that preservation of the portfolio companies and continuation of their research and development activities are in the public interest, and in the best interest of the bankruptcy estate. Moreover, in its findings the Delaware Bankruptcy Court has respected the ability of the portfolio companies to function as independent entities that are encouraged to conduct business as usual, including partnerships and other transactions. ATP III GP Ltd, controlled by Seth Harrison, remains in Chapter 11, and the US Bankruptcy Court recently ordered that any changes to ATP portfolio company boards or senior management must be approved by ATP III GP Ltd.

ATP has made a funding motion to Justice Silverstein as part of the restructuring proceedings that it believes will adequately fund the portfolio companies through 2026, with the goal of ensuring that the portfolio companies will be able to exit Chapter 11 and thrive in a robust funding environment free from Rigmora's liquidity issues, funding defaults and other contractual breaches that are the root causes of the litigation.

Contact: [email protected]

SOURCE Apple Tree Partners