9 Meters Biopharma falls after filing for bankruptcy protection

9 Meters Biopharma

18/07/2023 14:53

(Updates)
    ** Shares of drug developer 9 Meters Biopharma Inc  NMTR.O 
fall 70.2% to a record low of $0.18 
    ** NMTR says co and its units filed voluntary petitions for
relief under Chapter 11 in the United States Bankruptcy Court
for the District of North Carolina
    ** Adds co received delisting notice from the Nasdaq and
does not intend to appeal it 
     ** The assets of NMTR will be liquidated and claims paid in
accordance with the Bankruptcy Code - SEC filing
    ** Co said its interim chief Bethany Sensenig and other
executives have also resigned
    ** The disclosure comes months after it said it was
preparing to test an obesity drug candidate in human trials
    ** Up to last close, NMTR shares down ~51% YTD

 (Reporting by Mariam Sunny and Khushi Mandowara in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))