Clearside Biomedical

Clearside Biomedical filed Form 25 with the SEC following a Chapter 11 petition to terminate the listing of its common stock on NASDAQ. Nasdaq trading was suspended as of Dec. 1; the stock has since been trading on the OTC Pink Market under the symbol CLSDQ. The delisting can become effective no earlier than Dec. 18, and the withdrawal of registration under Section 12(b) takes effect 90 days after filing, reducing certain SEC reporting obligations. » More on de.investing.com

Clearside Biomedical has filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware and intends to conduct a sale under Section 363 to allow binding bids for all or parts of its assets. The company, with a market capitalization of about $14.24 million, is trading near its 52-week low after a 83.21% decline over the past year. Clearside plans to continue operations during the restructuring and has engaged Cooley LLP, Richards, Layton & Finger and Berkeley Research Group as advisors. Key assets include the SCS-Microinjector platform, the approved product XIPERE, the Phase 3 program CLS-AX and several licensing collaborations; a change to royalty payments with a $3 million payment was also reported. » More on de.investing.com

Clearside Biomedical entered an omnibus amendment with Healthcare Royalty Partners IV under which Clearside received an additional $3 million and in return took ownership of remaining assets of the SCS‑Microinjector technology. The amendment reduces license payments due upon expiration of the purchase agreement from $110.5 million to $106.5 million. The company will file the full contract text in its quarterly report for the period ending September. At the same time, Clearside received approval for XIPERE in Canada but, due to significant financial constraints, faces strategic realignments, has suspended R&D programs and has seen analyst downgrades. » More on de.investing.com