Malvern-based Baudax Bio is seeking a fifth extension on its reorganization plan deadline after filing for bankruptcy a year ago, writes John George for the Philadelphia Business Journal.
The biopharmaceutical company asked U.S. Bankruptcy Court Judge Ashley Chan to set April 17 as the new submission deadline. Baudax Bio also wants to extend its exclusive right to solicit acceptances of a reorganization plan to June 16, with a decision set for a hearing on April 2.
Baudax Bio missed its previous reorganization plan deadline of Feb. 16.
In February 2024, the company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania in Philadelphia. It listed debts of approximately $21.8 million and assets valued at around $20 million.
The company noted its primary asset is a portfolio of patents related to its two classes of drugs: T-cell receptor therapies and neuromuscular blocking agents.
“From the outset of the case to the present, the [company] has been exploring various forms of monetization of the patent portfolio in order to maximize the value available to its numerous creditors and shareholders,” wrote the company in its latest request for extension.
Read more about Baudax Bio hoping for another deadline extentsion in the Philadelphia Business Journal.
______
