Codiak BioSciences Inc (NASDAQ:CDAK) voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets.
The company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several parties.
The company expects to consummate a sale of the entire business or its core assets.
Codiak BioSciences' executive management team, including the CEO, CFO, Chief Medical Officer, and Chief Scientific Officer, will depart effective April 7.
Douglas Williams (CEO) will remain on the Board.
Konstantin Konstantinov, (Chief Technology Officer) will remain with the company.
In August, the company announced a reprioritization of its clinical and research initiatives, accelerating discussions related to potential strategic corporate and program-based partnerships and restructuring operations to support a streamlined set of priorities.
Codiak BioSciences also raised $20 million via equity in September last year.
Price Action: CDAK shares are down 54.40% at $0.20 on the last check Monday.

Codiak BioSciences Files For Chapter 11 Bankruptcy