Eiger BioPharmaceuticals, Inc., a biopharmaceutical company, filed its monthly operating reports with the United States Bankruptcy Court for the Northern District of Texas on Monday. This submission is part of the company's ongoing Chapter 11 bankruptcy proceedings, which commenced on April 1, 2024.
The reports provide financial data for the month ending May 31, 2024, and are a requirement of the bankruptcy process. The company emphasized that the monthly operating reports should not be used as a basis for investment decisions, as they are not prepared by generally accepted accounting principles (GAAP) and may be subject to adjustments.
Eiger BioPharmaceuticals, previously listed on The Nasdaq Stock Market, saw its common stock suspended from trading on April 11, 2024, and it began trading on the OTC Pink Marketplace under the ticker symbol "EIGRQ."
The company has cautioned shareholders that trading in its securities during the Chapter 11 process is highly speculative and carries substantial risks. There is a possibility that investors may experience a significant or complete loss of their investment depending on the outcomes of the bankruptcy case.
This news is based on a press release statement.
In other recent news, Eiger BioPharmaceuticals has filed for chapter 11 bankruptcy protection, making a strategic move to sell substantially all of its assets and facilitate an orderly wind-down of its operations.
The company has also announced a "stalking horse" agreement for the sale of its FDA-approved drug, Zokinvy®, to Sentynl Therapeutics. The agreement, pending court approval, involves a payment of up to $26.0 million from Sentynl Therapeutics, with potential price adjustments. The sale of Zokinvy® is subject to a court-supervised bidding process, allowing other interested parties to place competing offers for the company's assets.
Eiger has engaged Sidley Austin LLP, Alvarez & Marsal, and SSG Capital Advisors, LLC for legal, financial, and restructuring advice respectively.
These are the recent developments within the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.