Infinity Pharmaceuticals files for bankruptcy after layoffs, scrapped merger with MEI Pharma

In­fin­i­ty Phar­ma­ceu­ti­cals filed for Chap­ter 11 bank­rupt­cy in a Delaware court last Fri­day, a lit­tle over two months af­ter it laid off about 78% of its work­force fol­low­ing a failed merg­er with MEI Phar­ma.

In SEC fil­ings, the com­pa­ny said it had hired a firm for po­ten­tial sales of any of its as­sets, in­clud­ing its can­cer drug eganelis­ib. In­fin­i­ty added in the fil­ings that for­mer CEO Ade­lene Perkins re­signed on Sept. 28 as chair of the board, though it was not “the re­sult of any dis­agree­ment” with the com­pa­ny. In­fin­i­ty al­so ex­pects the Chap­ter 11 fil­ing will can­cel or ex­tin­guish all out­stand­ing cap­i­tal stock with­out any pay­ment.

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