UPDATE 1-US Biotech Isolagen files for bankruptcy protection

* Lists no total assets, total liabilities about $88.1 mln

* Proposes debt conversion under restructuring

(Adds details)

June 16 (Reuters) - Isolagen Inc ILE.A, which makes anti-wrinkle products, became the latest U.S. biotechnology company to seek Chapter 11 bankruptcy protection.

In a filing on Monday with the U.S. Bankruptcy Court for the District of Delaware, the company listed no total assets and total liabilities of about $88.1 million.

Isolagen said it entered into a restructuring agreement with some holders of its 3.5 percent subordinated notes that proposes a debt-to-equity swap.

The company, whose lenders agreed to $2.75 million in post-petition financing, said it would be forced to cease operations if it did not have access to working capital under a proposed Debtor-in-Possession plan.

In March, North American Scientific Inc, a California-based developer of cancer treatments, filed for Chapter 11 protection [ID:nN12356614]

The case In re Isolagen Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-12072.

(Reporting by Ajay Kamalakaran in Bangalore; editing by John Stonestreet)