Tricida Inc., a clinical-stage pharmaceutical company working on a kidney disease drug, has filed for Chapter 11 bankruptcy protection in Delaware, with roughly US$350 million of debt, according to a court filing.
If anyone needed a reminder of the toll the bear market continues to take on biotech, the wave of layoffs announced by companies postmarket yesterday should leave them in no doubt. Adamis Pharmaceuticals, Harpoon Therapeutics, Neoleukin Therapeutics and Tricida all outlined plans to lay off staff in response to financial headaches and stuttering drug development pipelines.
Tricida Announces Third Quarter 2022 Financial Results
Tricida is looking at all of its options — not even two weeks after watching its stock nosedive.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Tricida, Inc. (NASDAQ: TCDA), announced today that the Board of Directors has authorized Tricida to initiate a review of strategic alternatives to maximize stakeholder value. To facilitate this review, Tricida has engaged Stifel and its wholly owned affiliate, Miller Buckfire, to serve as investment banking advisors and SierraConstellation Partners LLC to serve as a financial advisor. This strategic review may include consideration of the sale of the Company and/or its assets. Tricida is also currently evaluating plans to reduce operating expenses and anticipates initiating and announcing these plans in November 2022.
A phase 3 failure puts another nail in the coffin for Tricida to get its kidney disease drug to market, two years after the FDA denied approval.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Oct. 24, 2022-- Tricida, Inc. (NASDAQ: TCDA) announced today the top-line results from its VALOR-CKD renal outcomes clinical trial, designed to evaluate veverimer’s ability to slow CKD progression in patients with metabolic acidosis and chronic kidney disease (CKD).
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Tricida, Inc. (Nasdaq: TCDA) announced today that it has entered into a debt facility with Hercules Capital, Inc. (NYSE: HTGC), a leader in customizing debt financing for companies in the life sciences and technology-related markets. The total amount of the debt facility is $125 million of which $100 million will be available for drawdown at Tricida’s option subject to the achievement of certain milestones.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Tricida, Inc. (Nasdaq: TCDA) announced today that a late-breaking clinical trial abstract on the Phase 3, VALOR-CKD renal outcomes trial has been selected by the American Society of Nephrology (ASN) and the Kidney Week Education Committee for oral presentation in the High-Impact Clinical Trials session at the ASN Kidney Week 2022 meeting that is currently scheduled to take place November 3 to 6, 2022 in Orlando, Florida.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Tricida, Inc. (Nasdaq: TCDA) today announced that it will present at the H.C. Wainwright 24th Annual Global Investment Conference. Tricida will provide a company overview, business update and progress on the company’s key initiatives.