Sienna Biopharmaceuticals announced it has filed for bankruptcy. The company will use Chapter 11 protection to restructure the company, including a possible sale of assets, and will delay development of its Phase III-ready psoriasis treatment.
Sienna intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court for the District of Delaware and in accordance with the applicable provisions of the Bankruptcy Code.
In May of 2019, the company reported first-quarter financial results and development update. Among the information presented, the company announced a positive End-of-Phase 2 meeting had been concluded with the U.S. FDA for SNA-120 (pegcantratinib) in psoriasis. The FDA agreed on the general Phase 3 study design, including the primary endpoint.
In August of 2019, Sienna Bio announced they had retained Cowen as an independent financial advisor to assist in exploring financial and strategic alternatives. As part of this announcement, Sienna stated the planned Phase 3 trials of SNA-120 would be delayed until the Company secures sufficient additional capital.
About SNA-120 (pegcantratinib)
SNA-120 (pegcantratinib) is designed to selectively inhibit tropomyosin receptor kinase A, or TrkA, the high-affinity receptor for nerve growth factor, or NGF, a known mediator of itch and neurogenic inflammation associated with psoriasis.
Source: Sienna Biopharmaceuticals