Codiak BioSciences files for bankruptcy, looks to sell off assets

Dow Jones

Mar 27, 2023

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

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

March 27, 2023 07:27 ET (11:27 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

At the request of the copyright holder, you need to log in to view this content

LOGIN / SIGN UP

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2322440473"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2322440473\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2322440473?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-03-27 19:27","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2322440473","market":"us","top_or_hot":-1,"title":"Codiak BioSciences files for bankruptcy, looks to sell off assets","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Codiak BioSciences files for bankruptcy, looks to sell off assets\n</p>\n<p>\n  Codiak BioSciences Inc. <a href=\"https://laohu8.com/S/CDAK\">$(CDAK)$</a> 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 <a href=\"https://laohu8.com/S/EEMA\">iShares</a> Biotechnology exchange-traded fund <a href=\"https://laohu8.com/S/IBB\">$(IBB)$</a> has lost 4.1% and the S&amp;P 500  has gained 3.4%. \n</p>\n<p>\n  -Tomi Kilgore \n</p>\n<p>\n  This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 27, 2023 07:27 ET (11:27 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Codiak BioSciences files for bankruptcy, looks to sell off assets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCodiak BioSciences files for bankruptcy, looks to sell off assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-27 19:27</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Codiak BioSciences files for bankruptcy, looks to sell off assets\n</p>\n<p>\n  Codiak BioSciences Inc. <a href=\"https://laohu8.com/S/CDAK\">$(CDAK)$</a> 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 <a href=\"https://laohu8.com/S/EEMA\">iShares</a> Biotechnology exchange-traded fund <a href=\"https://laohu8.com/S/IBB\">$(IBB)$</a> has lost 4.1% and the S&amp;P 500  has gained 3.4%. \n</p>\n<p>\n  -Tomi Kilgore \n</p>\n<p>\n  This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 27, 2023 07:27 ET (11:27 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CRCT","symbol_name":"Cricut, Inc.","start_time":0,"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2322440473","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2322440473","pubTimestamp":1679916420,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"MW Codiak BioSciences files for bankruptcy, looks to sell off assets\n\n\n  Codiak BioSciences Inc. $(C","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CRCT":"Cricut, Inc.","BK4191":"家用电器","BK4007":"制药","IBB":"生物科技指数ETF-iShares Nasdaq","BK4539":"次新股","BK4588":"碎股","BK4585":"ETF&股票定投概念","BK4505":"高瓴资本持仓","TERN":"Terns Pharmaceuticals, Inc.","BK4139":"生物科技"},"translate_title":"Codiak BioSciences申请破产，打算出售资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IBB":0.9,"TERN":0.63,"CDAK":1,"CRCT":0.63},"content_text":"MW Codiak BioSciences files for bankruptcy, looks to sell off assets\n\n\n  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%. \n\n\n  -Tomi Kilgore \n\n\n  This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 27, 2023 07:27 ET (11:27 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}