Setbacks for Kidney and Gout Drugs Contribute to Allena Bankruptcy -- Market Talk

Dow Jones2022-09-06

1055 ET - Publicly traded Allena Pharmaceuticals says it filed for chapter 11 bankruptcy after it experienced setbacks in clinical trials for medications used to treat kidney stones and gout. Programs for both drugs, Reloxaliase and ALLN-346, have been suspended but could potentially be restarted by a buyer of the company's assets or with additional investment in the business, Chief Restructuring Officer Matthew Foster said in a sworn declaration. The Massachusetts-based company filed for bankruptcy Friday in the US Bankruptcy Court in Wilmington, Del., listing total assets of $14.4M and contractual and trade debts of $3.4M. (becky.yerak@wsj.com; @beckyyerak)

$(END)$ Dow Jones Newswires

September 06, 2022 10:55 ET (14:55 GMT)

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