PhaseRx, Inc. (NASDAQ:PZRX) Files An 8-K Other EventsItem 8.01 Other Events.
As previously reported, on December 11, 2017, PhaseRx, Inc. (the “Company”) filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) (Case No. 17-12890; the “Case”).
On January 10, 2018, the Company filed with the Bankruptcy Court a Motion of Debtor to Establish a Distribution Record Date for Distribution to All Equity Security Holders (the “Distribution Record Date Motion”), which the Company is seeking to set January 23, 2018 (the “Distribution Record Date”) as the distribution record date for all equity security holders.The proposed Distribution Record Date is the date prior to an auction for the sale of substantially all of the assets of the Company to the bidding procedures approved by the Bankruptcy Court. Any cash distribution that will occur in the Case will be made to equity security holders of record as of the Distribution Record Date. While the Company realizes that equity securities may trade after the Distribution Record Date, any distribution under any plan of liquidation to be filed in the Case will be made to the equity securities holders of record as of the Distribution Record Date.The Company has requested that the Distribution Record Date Motion be heard by the Bankruptcy Court on January 26, 2018. This is the same date that the Bankruptcy Court will consider approval of the sale of substantially all of the assets of the Company to the highest and best bidder at the auction.
About PhaseRx, Inc. (NASDAQ:PZRX)
PhaseRx, Inc is a biopharmaceutical company developing a portfolio of mRNA products to correct life-threatening inherited liver diseases in children. The Company’s initial product development focus is on urea cycle disorders, a group of rare genetic diseases that generally present before the age of 12 and are characterized by the body’s inability to remove ammonia from the blood. The Company’s i-ERT approach is enabled by its Hybrid mRNA Technology platform and is applicable to a number of inherited liver diseases. The Company is headquartered in Seattle.