UPDATE 1-COVID vaccine developer Codiak files for US bankruptcy protection

Reuters

2023/03/27

(Adds background)

March 27 (Reuters) - Codiak BioSciences Inc said on Monday it has filed for Chapter 11 bankruptcy protection and will seek to sell its assets, months after the COVID-19 vaccine developer announced job cuts.

The company reduced its workforce by 37% to 53 full-time employees in August last year to extend its cash runway. As of Sept. 30, 2022 the company had cash and cash equivalents of $51.8 million.

Codiak previously said it would prioritize its coronavirus vaccine development program that was funded by the Coalition for Epidemic Preparedness Innovations.

The company said on Monday its executive management team will leave the firm effective April 7.

(Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru; Editing by Shounak Dasgupta)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788))

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