Nuo Therapeutics Files for Chapter 11 Bankruptcy
Nuo Therapeutics, a wound care biomedical company formerly known as Cytomedix, has filed for Chapter 11 bankruptcy, the company has announced.
The petition, which was filed in the U.S. Bankruptcy Court for the District of Delaware, comes nearly two years after the company landed $35 million in funding from Deerfield Management.
Nuo announced it will request approval of an aggregate of roughly $9 million in debtor-in-possession financing from its pre-bankruptcy lenders, Deerfield Management and certain of its affiliates.
The company says it will continue to operate its business as a debtor-in-possession during a reorganization and expects that substantially all of its assets will be sold.
Word of the bankruptcy filing comes roughly two weeks after Nuo announced the termination of Dean Tozer, the company’s president and CEO. David Jorden, acting chief financial officer, is serving as acting CEO. — Jonathon Shacat