Clearside Biomedical Voluntary Files Petition For Chapter 11 Bankruptcy

(RTTNews) - Clearside Biomedical, Inc. (CLSD), a biopharmaceutical company, announced Mondday that it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

As part of the case, Clearside also intends to file a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.

The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire Clearside's assets in whole or in part, which would be purchased free and clear of liens and interests.

Clearside has filed a series of motions with the court seeking to ensure the continuation of normal operations during this process.