June 2 Northfield Laboratories NFLD.O, whose
human red blood cell substitute was denied U.S. regulatory
approval, filed for bankruptcy protection on Monday to
liquidate its assets.
The company, which filed under Chapter 11 in a Delaware
court, said it expects to file a liquidating plan and related
disclosure statement with the bankruptcy court.
Northfield said it believes the current plan provides the
best available alternative. However, it will continue to
consider options that might lead to a greater recovery for its
creditors and other parties.
The company listed assets of close to $11 million and
liabilities of about $1.84 million in court documents.
Northfield announced its plan to liquidate last month,
citing difficulty in raising money to conduct further clinical
development and trials for a reformulated version of the
PolyHeme human red cell substitute.
In April the U.S. Food and Drug Administration told
Northfield that it lacked sufficient information to approve the
The case is In re: Northfield Laboratories Inc, U.S.
Bankruptcy Court, District of Delaware No.09-11924.
(Reporting by Santosh Nadgir in Bangalore; Editing by Ratul