- Aradigm (OTC:ARDM) has filed for Chapter 11 bankruptcy in California.
- That will launch a process to sell substantially all of its assets to an interested party in order to satisfy claims of creditors, with any remainder going to stockholders.
- It says it determined on Monday that without confirmed funding from its primary investor and partner, it wouldn't have funds to meet future obligations.
- The company says it remains confident in the efficacy, safety and quality of its Apulmiq/Linhaliq offering.
- It has assets and liabilities of $10M-$50M in its petition. Market cap today was $6.42M.