Kekst CNC is handling the Chapter 11 filing of Buffalo-based Athenex Inc., a biopharmaceutical company focused on cancer treatments.
The bankruptcy move, which follows the completion of a strategic review, is designed to facilitate the sale of its primary businesses.
Athenex CEO Johnson Lau said the company sought to be a leader in bringing innovative cancer treatments to the market and improving patient health outcomes.
It succeeded in gaining regulatory approval for tirbanibulin ointment in the US, Taiwan and some EU countries but received a regulatory setback from the US Food and Drug Administration for its oral paclitaxel product.
“This significant regulatory setback coupled with challenging biotech markets and the difficult economic environment, put tremendous pressure on our ability to continue to fund our business,” said Lau.
The company’s manufacturing plant in Clarence, NY, will continue to operate for at least 90 days to provide a supply of tirbanibulin to its commercial customers.
Lau’s goal is to identify purchases who will continue to develop Athenex’s drug candidates.
Kekst CNC’s Daniel Yunger, Wendi Kopsick, Rich Goldman, and Mark Fallati are working the Chapter 11 filing.
Publicis Groupe owns Kekst CNC.