California biotech files for bankruptcy

Sienna Biopharmaceuticals, a Westlake Village, Calif.-based biopharmaceutical company, has filed for bankruptcy. 

The clinical-stage biotech filed for Chapter 11 bankruptcy after several pipeline flops, including an issue with its experimental acne drug SNA-001 in 2017, according to EndPoints News.

"We believe this decision is in the best interests of Sienna and its stakeholders," said Frederick Beddingfield III, MD, PhD, president and CEO of Sienna, in a news release. "The protections afforded by Chapter 11 provide for an orderly restructuring process as well as additional time to pursue financial and strategic alternatives."

Sienna expects to maintain business operations while looking for a strategic partner or purchaser. 

It listed its assets at $107.6 million and debts at $80.7 million in its Chapter 11 bankruptcy petition.

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