(RTTNews) - Clearside Biomedical, Inc. (CLSD) announced that it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware, with plans to pursue a structured auction and sale process of its business and assets.
The company stated that the decision was intended to maximize stakeholder value, leveraging its validated SCS Microinjector delivery platform, which is anchored by its commercial product XIPERE and five suprachoroidal licensing collaborations that carry future royalty potential.
Clearside also highlighted its CLS-AX program, an axitinib injectable suspension for suprachoroidal injection, which is Phase 3 ready for wet age-related macular degeneration (AMD) and has a potential Phase 2b/3 path in diabetic retinopathy. Additional IND-ready program target geographic atrophy and diabetic macular edema.
CEO George Lasezkay said the Chapter 11 process represents "the best possible option for Clearside and its stakeholders," citing the company's attractive assets, including its proprietary suprachoroidal delivery technology and multiple licensing agreements with partners such as Bausch+ Lomb, Arctic Vision, REGENXBIO, BioCryst, and Aura Biosciences.
Clearside has filed motions with the court to ensure continuation of normal operations during the restructuring process. Advisors Cooley LLP and Richards, Layton & Finger, P.A. are serving as legal counsel and Berkeley Research Group LLC (BRG) is serving as financial restructuring advisor to Clearside.
The announcement has sent the shares plunging 67% to $0.86 in premarket trading on Monday, marking a new 52-week low.
CLSD has traded in the range of $2.54 to $17.10 over the last year. The stock closed Friday's trading at $2.69, up 2.55%.
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