Athenex, Inc. (NasdaqGS:ATNX) has filed for bankruptcy and will attempt to sell its assets by July 1. The company - along with its subsidiaries, Athenex Pharmaceutical Division, Orascovery and Cell Therapy - filed the Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, according to a news release. "Over the past two years, we made considerable progress in refocusing our business around our promising NKT cell therapy platform, monetizing non-core assets to improve our balance sheet and extending our cash runway, paying down $108 million of debt, and undertaking a comprehensive review of strategic alternatives to create value for our stakeholders," Chief Executive Officer Dr. Johnson Lau said in the release. "While we explored every viable avenue to avoid this outcome, an orderly sales process represents the best path forward at this time".

Lau said Athenex will seek purchasers who "will continue development of the important drug candidates for which we have established a good foundation, and to bring them to market on behalf of medical practitioners and, most importantly, for patients".