June 2, 2009 / 11:56 AM / 11 years ago

Northfield Laboratories to liquidate under Chapter 11

June 2 (Reuters) - 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 substitute.

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 Ray Chaudhuri)

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