LAGRANGEVILLE, N.Y., Jan. 14, 2015 /PRNewswire/ -- Egenix, Inc. announced today that the Company has filed a voluntary petition under chapter 11 of the U.S. Bankruptcy Code in order to facilitate the restructuring of the Company's balance sheet and capital structure. Upon the commencement of the Company's chapter 11 case, William T. Nolan was appointed as the Company's Chief Restructuring Officer.
Mr. Nolan commented: "Although the Company and its corporate and scientific advisors believe that the Company's cancer therapeutics technology holds great promise, the Company requires additional funding from investors to continue the Company's research and development efforts and meet its current and future financial obligations. By availing ourselves of the chapter 11 process, we believe we can restructure the Company's balance sheet and capital structure to make the Company much more attractive to potential investors. That investment will allow the Company to push forward with its critical research and development initiatives."
"The Company has sufficient cash to continue business as usual, and plans to obtain debtor-in-possession financing to fund additional research and development activity and facilitate the Company's rapid movement through the chapter 11 process," Mr. Nolan continued.
During the process, the Company is being represented by Devonshire Holdings, Inc. and Cole, Schotz, Meisel, Forman & Leonard, P.A.
SOURCE Egenix, Inc.