Sienna Biopharmaceuticals will close by the end of this week and lay off its remaining employees after it failed to sell itself out of bankruptcy, according to Bankrupt Company News.
The Westlake Village, Calif.-based biopharmaceutical company filed for Chapter 11 bankruptcy in September after several of its drugs failed to gain approval.
The company, founded in 2010, had hoped to sell itself and restructure but didn't receive any bids for the whole company. It sold its topical photoparticle therapy assets to Sebacia, a dermatology company, for $1.7 million, according to Bankrupt Company News.
Sienna, which focused on immunology and inflammation treatments, reportedly borrowed hundreds of millions of dollars for research and development, but was never able to bring one of its products to market or generate any revenue.
Read the full article here.
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