New Chapter 11 Bankruptcy - PhaseRX Inc. ($PZRX)

PhaseRX Inc.

  • 12/11/17 Recap: Seattle-based and once-VC-backed publicly-traded ($PZRX) biopharma company focused on therapeutics developed to treat enzyme deficiencies in the liver via intracellular enzyme replacement therapy (after a pivot from from focusing on the treatment of liver cancer) filed for bankruptcy. The company seeks a sale through bankruptcy. 
  • Jurisdiction: D. of Delaware (Judge Sontchi)
  • Capital Structure: $500k promissory note (Titan Multi-Strategy Fund Ltd.), $16.2mm 8% convertible notes, $4mm 5% term loan, $5.1mm secured loan (Hercules Capital Inc.)
  • Company Professionals:
    • Legal: Polsinelli PC (Christopher Ward, Shanti Katona, Nicholas Griebel)
    • Investment Banker: Cowen & Company 
    • Claims Agent: Donlin Recano & Co. Inc. (*click on company name above for free docket access)
  • Other Parties in Interest:
    • Large Equityholders/Venture Capital: (Arch Venture Fund VII LP, 5AM Ventures, Savoy Therapeutics Corp., Versant Venture Capital III LP)
    • Hercules Capital Inc. 
      • Legal: Cole Schotz PC (Patrick Reilley, Stuart Komrower)

Updated 12/12/17

New Filing - Lensar Inc.

Lensar Inc.

  • 12/16/16 Recap: Florida-based medical technology company that manufacturers lasers deployed in cataract surgeries filed for bankruptcy to effectuate a debt-for-equity swap with its senior lender (and DIP lender), PDL BioPharma Inc., a publicly-traded company that manages a portfolio of biotech, pharma and med-device products. A main objective of the case will be to protect approximately $125mm of NOLs. 
  • Jurisdiction: D. of Delaware
  • Capital Structure: ~$60mm debt     
  • Company Professionals:
    • Legal: Ballard Spahr LLP (Matthew Summers, Vincent Marriott, Paul Harner)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name above for docket)
  • Other Parties in Interest:
    • DIP Lender: PDL BioPharma Inc.
      • Legal: Gibson Dunn & Crutcher LLP (Jeffrey Krause, Genevieve Weiner, Sam Newman)

Updated 1/20/17