Wound care company Nuo Therapeutics (OTC:NUOT) said yesterday that it’s declaring Chapter 11 bankruptcy a little more than 2 years after raising $35 million.
Formerly known as Cytomedix, Nuo Therapeutics makes the Aurix hematogel, which is designed to stimulate the body’s native mechanisms to heal wounds. In April 2014, the company landed a $35 million investment from Deerfield Management.
The Gaithersburg, Md.-based company listed assets worth $19.2 million and debts of $13.1 million, including $834,144 owed to Arthrex, $70,486 owed to Sparton Medical Systems, $44,537 owed to Johnson & Johnson (NYSE:JNJ) subsidiary DePuy Spine and $42,203 owed to Pfizer (NYSE:PFE).
Nuo said it plans to ask Deerfield for roughly $9 million worth of debtor-in-possession financing. The company is slated to operate as a debtor-in-possession “and expects that substantially all of its assets will be sold,” according to a press release.
The post Nuo Therapeutics files for bankruptcy appeared first on MassDevice.
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