MW Codiak BioSciences files for bankruptcy, looks to sell off assets
Codiak BioSciences Inc. $(CDAK)$ said Monday that it has field for bankruptcy, and it looking to selloff of its assets to maximize the company's value. "The Board and management team have thoroughly assessed all of our strategic options and believe that this structured process represents the best possible solution for Codiak, taking into account our financial needs and the stage of our clinical and research programs," the Massachusetts-based biopharmaceutical company said in a statement. In May 2022, the company had laid off 37% of its employees, leaving its workforce at 53 full-time employees, citing uncertainties related to its restructuring. The stock, which was down 10% in premarket trading prior to a trading halt for news, has rallied 10.7% year to date through Friday, while the iShares Biotechnology exchange-traded fund $(IBB)$ has lost 4.1% and the S&P 500 has gained 3.4%.
-Tomi Kilgore
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March 27, 2023 07:27 ET (11:27 GMT)
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