Sienna Biopharma plunges on bankruptcy filing

Sienna Biopharmaceuticals

17/09/2019 13:39

** Drug developer's shares  SNNA.O  sink 33% to 22 cents
premarket- stock worst percentage loser across U.S. exchanges
    ** Co files for Chapter 11 bankruptcy protection in
Delaware, two years after going public  urn:newsml:reuters.com:*:nGNX8ZMwqW
    ** CEO cites lack of viable financing options, dwindling
liquidity and overhang of milestone payments as reasons for
filing    
    ** Co says will continue to focus resources on locating a
purchaser or strategic partner 
    ** In August, co said it had engaged Cowen as an independent
financial adviser to explore financial and strategic
options urn:newsml:reuters.com:*:nL4N2513LO
    ** As of March 31, co's cash and cash equivalents totaled
~$57.2 mln 
    ** Up to Monday's close, stock had fallen 71% this year

 (Reporting by Tamara Mathias in Bengaluru)
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