Aradigm Receives Feedback Following an Oral Explanation With the European Medicines Agency
Aradigm Corporation today announced that following a recent Oral Explanation, it has received feedback that a negative opinion is likely to be received in November 2019 from the CHMP (Committee for Medicinal Products for Human Use), a committee of the European Medicines Agency (EMA), for the centralized marketing authorization application (MAA) for Linhaliq as a treatment for non-cystic fibrosis bronchiectasis (NCFBE) patients with chronic lung infections with Pseudomonas aeruginosa (P. aeruginoa).
On February 15, 2019, Aradigm filed a petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California, Case no. 19-40363. Information regarding Aradigm’s bankruptcy case and Aradigm’s Monthly Operating Reports may be obtained from the Bankruptcy Court.
The Company has engaged Evergreen M&A Partners, LLC to facilitate the sale of substantially all of Aradigm’s assets, including its core intellectual property rights, and expects to secure initial bids for those assets within the next 30 to 60 days. Any final sale transaction will be subject to Bankruptcy Court review and approval following an auction process. The proceeds from the sale would be distributed to satisfy the claims of the Company’s creditors, also subject to Court approval. Remaining assets, if any, would then be distributed to the Company’s stockholders.
