• 17 September 2019
    Sienna Biopharmaceuticals Initiates Voluntary Chapter 11 Protection Proceeding

    Sienna Biopharmaceuticals, Inc. (Nasdaq:SNNA), a clinical-stage biopharmaceutical company, today announced that it has elected to file a voluntary petition to allow restructuring under Chapter 11 of the Bankruptcy Code.

    “We believe this decision is in the best interests of Sienna and its stakeholders,” said Frederick C. Beddingfield III, M.D., Ph.D., President and Chief Executive Officer of Sienna. “The protections afforded by Chapter 11 provide for an orderly restructuring process as well as additional time to pursue financial and strategic alternatives. Through this process, we expect to be able to maintain ongoing business activities while we continue to focus our resources on locating a purchaser or strategic partner to maximize the value of the Company.”

    Sienna intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court for the Distict of Delaware and in accordance with the applicable provisions of the Bankruptcy Code. Sienna has retained Latham & Watkins as legal counsel and Cowen and Company as its investment bank to review financial and strategic alternatives with the goal of maximizing stakeholder value.