Gritstone bio Takes Action to Preserve Value and Strengthen Capital Structure
10 10월 2024 - 6:50PM
Business Wire
Voluntarily Files for Chapter 11
Restructuring
Strategic Alternatives Process Continues with
Interest from Parties
Gritstone bio, Inc. (Nasdaq: GRTS) (“Gritstone” or the
“Company”), a clinical-stage biotechnology company working to
develop the world’s most potent vaccines, today announced it has
filed a voluntary petition under chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.
Gritstone intends to use the court-administered restructuring
process to preserve value and support its ongoing strategic
alternatives process. The Company is in discussions with a party to
act as a stalking horse bidder or plan sponsor and intends to
present an agreement to the Court as early as next week in order to
enter into a value-maximizing transaction and continue to research
and develop its next-generation vaccines and immunotherapies for
oncology and infectious diseases.
“Our world-class science and cutting-edge innovations have
positioned us at the forefront of oncology and medical
breakthroughs. We recently reported encouraging interim Phase 2
data from our ongoing study evaluating GRANITE, which continues to
demonstrate an emerging benefit for patients, however, additional
time is needed for the data to mature,” said Andrew Allen, MD, PhD,
Co-founder, President & CEO of Gritstone. “The decision to file
for chapter 11 relief allows us to stay focused on our mission of
bringing potentially life-saving treatments like GRANITE to
patients around the world.”
During its financial restructuring process, Gritstone intends to
operate in the ordinary course and remains committed to advancing
its clinical programs, including its ongoing neoantigen
immunotherapy and infectious disease programs, and driving
innovation in immunotherapy and vaccine development.
Gritstone is filing customary "first day" motions in its chapter
11 case with the intention of ensuring normal operations. Upon
court approval of these first day motions, Gritstone intends to
minimize the impact of the bankruptcy process on the Company's
vendors, employees, and other key stakeholders.
Additional information regarding Gritstone’s chapter 11 process
is available at https://www.veritaglobal.net/gritstone.
Stakeholders with questions may call the Company’s Claims Agent,
Verita Global, at 877-709-4754 or 424-236-7233 if calling from
outside the U.S. or Canada, or send an inquiry by visiting
https://www.veritaglobal.net/gritstone/inquiry.
Advisors
Pachulski Stang Ziehl & Jones LLP is serving as legal
counsel, Fenwick & West LLP is serving as general corporate
counsel, Raymond James & Associates, Inc. is serving as
investment banker, PwC is serving as financial advisor, and C
Street Advisory Group is serving as strategic communications
advisor to the Company.
About Gritstone
Gritstone bio, Inc. (Nasdaq: GRTS) is a clinical-stage
biotechnology company that aims to develop the world’s most potent
vaccines. We leverage our innovative vectors and payloads to train
multiple arms of the immune system to attack critical disease
targets. Independently and with our collaborators, we are advancing
a portfolio of product candidates to treat and prevent viral
diseases and solid tumors in pursuit of improving patient outcomes
and eliminating disease. www.gritstonebio.com
Gritstone Forward-Looking Statements
This press release contains forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding the process and potential outcomes of
Gritstone’s chapter 11 case, Gritstone's ability to continue to
operate as usual during the chapter 11 case, Gritstone's ability to
enter into a transaction in the chapter 11 case and strengthen its
capital structure, and Gritstone's ability to present a stalking
horse bidder or plan sponsor to the Court. These statements are
based on management's current expectations, and actual results and
future events may differ materially due to risks and uncertainties,
including, without limitation, risks inherent in the bankruptcy
process, including the outcome of the chapter 11 case; Gritstone's
financial projections and cost estimates; Gritstone's ability to
raise additional funds or secure additional financing during the
chapter 11 case; Gritstone's ability to conduct asset sales; the
impact of the chapter 11 case on the listing of the Gritstone's
common stock on the Nasdaq Stock Market; and the effect of the
chapter 11 case on Gritstone's business prospects, financial
results and business operations. For a further description of the
risks and uncertainties that could cause actual results to differ
from those expressed in these forward-looking statements, as well
as risks relating to the business of the company in general, see
Gritstone’s most recent Quarterly Report on Form 10-Q filed on
August 13, 2024 and any current and periodic reports filed with the
Securities and Exchange Commission.
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Media C Street Advisory Group
gritstone@thecstreet.com
Gritstone bio (NASDAQ:GRTS)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Gritstone bio (NASDAQ:GRTS)
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부터 11월(11) 2023 으로 11월(11) 2024
