"The biotech company, which is headquartered in Milpitas, turned in a Chapter 7 filing, meaning that it seeks liquidation, rather than reorganization. The document is so sparse that it prompted a request from the court's deputy clerk for more information. But it depicts a company in dire straits: ASC Therapeutics estimates that it has between $100,000 and $500,000 in assets and between $10 million and $50 million in liabilities."
"The company's pipeline, listed on its still-active website, shows a few preclinical prospects and two trials: one for the stem cell-related graft-versus-host disease and another for the genetic disorder hemophilia A. The researchers haven't provided updates for either study to the federal government since 2023, but in January 2024, ASC Therapeutics announced it had dosed its first hemophilia A patient."
ASC Therapeutics, a Bay Area gene and cell therapy company based in Milpitas, filed for Chapter 7 bankruptcy seeking liquidation. The filing lists between $100,000 and $500,000 in assets and $10 million to $50 million in liabilities, and the court requested additional information. The company spun off from Applied StemCell to focus on gene editing and therapy, maintaining preclinical programs and two clinical trials targeting graft-versus-host disease and hemophilia A. The firm reported dosing a hemophilia A patient in January 2024 but has not updated federal records since 2023. Several executives and staff have departed or show open-to-work status, and the low assets and high debts mirror broader biotech fundraising challenges.
Read at SFGATE
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