Aradigm Corporation (NASDAQ:ARDM) Files An 8-K Other Events

Aradigm Corporation (NASDAQ:ARDM) Files An 8-K Other Events
Item 8.01 Other Events.

On June 12, 2020, the Bankruptcy Court entered an order confirming the Debtor’s Modified Combined Chapter 11 Plan and Disclosure Statement (the “Plan”) filed by Aradigm Corporation (the “Company”). The Effective Date (the “Effective Date ”) of the Plan will be June 29, 2020. The Company will be dissolved and its stock cancelled as of the Effective Date after market close and the Company’s assets will be contributed to a Liquidating Trust.

As described in the Forms 8K filed by the Company on April 3, 2020 and on April 13, 2020, the Company sold its assets and intellectual property that pertain to Lipoquin, Free Ciprofloxacin, Apulmiq and any derivatives thereof to Grifols S.A. for cash, the right to receive milestone payments on the occurrence of certain events and the right to receive royalty payments based on future sales of the product. The Combined Plan provides that on the Effective Date of the Plan these assets (less amounts paid for certain expenses), as well as the Company’s other assets, will be contributed to a Liquidating Trust for the benefit of the Company’s creditors and shareholders. As mentioned above, the Company’s stock will be cancelled as of the Effective Date (June 29) after market close and the Company will be dissolved. Creditors and shareholders will receive a pro rata interest in the Liquidating Trust. The Liquidating Trust will satisfy the claims of the Company’s priority creditors and will collect any milestone payments and royalty payments that are earned and distribute the proceeds to the Company’s creditors. After creditors are paid in full with interest, the Liquidating Trust will distribute any remaining proceeds that are received to the Company’s shareholders.

The address of the Liquidating Trust from and after June 29, 2020 will be Aradigm Corporation Liquidating Trust, c/o Susan L. Uecker, Liquidating Trustee, Uecker & Associates, Inc., 1613 Lyon Street, Suite A, San Francisco, CA 94115.

The Plan is on file with the Bankruptcy Court. This description of the Combined Plan is qualified in its entirety by the terms of the Plan.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1    Press Release of Aradigm Corporation dated June 15, 2020

Story continues below

EX-99.1 2 d944411dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 June 15,…
To view the full exhibit click here

About Aradigm Corporation (NASDAQ:ARDM)

Aradigm Corporation is a pharmaceutical company focused on the development and commercialization of products for the treatment and prevention of severe respiratory diseases. The Company’s lead product candidate is Pulmaquin inhaled ciprofloxacin, which is in Phase III clinical trials. It offers AERx pulmonary drug delivery platform and other technologies. Its partnered programs under development include Inhaled Ciprofloxacin. It is also engaged in developing Smoking Cessation Therapy (ARD-1600 Inhaled Nicotine). Its lead development candidates are its formulations of the potent antibiotic ciprofloxacin (Pulmaquin (ARD-3150) and Lipoquin (ARD-3100)) that are delivered by inhalation for the management of infections associated with the severe respiratory diseases, such as cystic fibrosis (CF) and non-cystic fibrosis bronchiectasis (BE). Pulmaquin uses slow release liposomal formulation (Lipoquin) mixed with a small amount of ciprofloxacin dissolved in an aqueous medium.

An ad to help with our costs