Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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June 03, 2010

Ceragenix Pharmaceuticals, Inc. Files For Chapter 11

  • Debtor Name:  Ceragenix Pharmaceuticals, Inc.
  • Year Filed:  2010
  • Jurisdiction:  United States Bankruptcy Court / District of Colorado
  • Asset Size:  Less than 10,000,000
  • Case Number:  10-23821
  • Industry:  Pharmaceutical/Biotech, Medical Device
  • Denver-based bio-pharmaceutical and medical device company. The petition lists approximately $1.5 million in assets and $13 million in liabilities. 

    The debtor's 8-K is listed below


    Bankruptcy or Receivership

    ITEM 1.03 Bankruptcy or Receivership

    On June 2, 2010, Ceragenix Pharmaceuticals, Inc. and its wholly owned subsidiary Ceragenix Corporation (collectively the "Company") filed voluntary petitions for relief (the "Bankruptcy Filing") under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado (the "Bankruptcy Court"). The Company will continue to operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company's Chapter 11 case is administered by the Bankruptcy Court as Case Nos. 10-23821 SBB and 10-23822 HRT.

    The Company elected to proceed with the Bankruptcy Filing in order to preserve its exclusive license agreement with Brigham Young University (the "BYU Agreement"). As previously disclosed, the BYU Agreement was set to terminate on June 2nd without payment by the Company of $433,565. The Company intends to utilize the Bankruptcy Filing to recapitalize the Company and restructure the terms of its convertible debt obligations. However, no assurance can be provided that the Company will be successful in these efforts.


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