💥New Chapter 11 Bankruptcy Filing - Omega Therapeutics Inc. ($OMGA)💥
Biotech company enters chapter 11 with an RSA to sell the business.
On February 10, 2025, Omega Therapeutics Inc. ($OMGA)(the “debtor”) filed a chapter 11 bankruptcy case in the District of Delaware (Judge Shannon) and, man, we couldn’t be more stoked, 🙄. The debtor is a development-stage biotechnology company focused on epigenetics; its OMEGA platform is a new systematic approach to using mRNA therapeutics as programmable epigenetic medicines. In other words … f****************ck …
Yup, biotech.
But hey, we take solace in the fact that we aren’t the only ones whose science knowledge doesn’t extend past high school AP biology. Judge Shannon also wanted a clear breakdown during the first day hearing:
“Mr. Abbott I’d like you to explain what they do to me in detail.”And here’s Morris Nichols Arsht & Tunnell LLP’s Derek Abbott in response:
“Your Honor, I’ve got you. I’ve got you. I’m about to use words that I don’t even know what they mean.”
And credit to Mr. Abbott, he did a decent enough job: