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news.Arbios Systems, a developer of medical devices and cell-based therapies, has filed for protection under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.
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The company intends to file a motion with the Bankruptcy Court to implement bid procedures for the sale of the company or its assets, following which potential bidders will be notified of the bid process.
To assist in the implementation of the bid solicitation process and the bankruptcy proceedings, the company has engaged Olshan, Grundman, Frome, Rosenzweig, & Wolsky, and Ciardi, Ciardi, & Astin PC.
Arbios previously announced in August 2008 that it had suspended operations except for its efforts to raise capital to support the development of its Sepet technology or enter into a strategic transaction.
The company’s principal assets include its Sepet technology, a hemofiltration device designed to support patients suffering from cirrhosis due to chronic liver disease and who are hospitalized with acute complications resulting from worsening liver dysfunction and portal hypertension.
Shawn Cain, interim president and CEO, said: The Chapter 11 filing is intended to provide an opportunity for the company to realize as much value as possible from the company, its assets and technology under a clear and delimited process, while working with our creditors in an orderly fashion.
However, there can be no assurances that we will generate any substantive offers through a proposed bid solicitation process, or that any such offers will be acceptable to the bankruptcy court.