Iterum Therapeutics Files for Liquidation Over Cash Shortage
Iterum filed for liquidation in Ireland after failing to raise equity. The move follows low sales of its drug Orlynvah and Nasdaq listing failures.
Iterum Therapeutics plc announced on Friday that it has filed a petition in the High Court of Ireland to wind up the company. Following the filing, the drugmaker was placed into provisional liquidation, with a formal hearing scheduled for April 13. The decision marks a significant downturn for the Dublin-based firm as it struggles with severe financial constraints and regulatory hurdles.
The company cited several factors for the move, including limited cash resources and an inability to raise new equity. This financial deadlock occurred after shareholders rejected proposals at a recent meeting that would have increased authorized share capital and granted the board allotment authority. Furthermore, the company failed to regain compliance with Nasdaq listing requirements, adding to its operational challenges.
