Testosterone Drug Maker Clarus Files For Bankruptcy -- Market Talk

Dow Jones2022-09-07

1534 ET - Publicly traded Clarus Therapeutics Holdings, the maker of testosterone drug Jatenzo, has filed for chapter 11 bankruptcy, saying it has missed its sales targets and been unable to meet its debt obligations. Monday's filing in the U.S. Bankruptcy Court in Wilmington, Del., lists $62M in total debts owed to bondholders, trade creditors and others. It has $48.9M in assets. The Northbrook, Ill.-based company says it plans to sell its sole revenue source, Jatenzo, during the proceedings. Private equity firm H.I.G. Capital owns 11% of the company's equity, a court filing says. Because of liquidity constraints and the impact of the pandemic, which halted in-person marketing shortly after Clarus began U.S. commercial sales of Jatenzo in February 2020, revenues have fallen short of targets, Chief Restructuring Officer Lawrence Perkins says (becky.yerak@wsj.com; @beckyyerak)

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September 06, 2022 15:34 ET (19:34 GMT)

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