Iterum Therapeutics Files Petition to Wind Up in High Court of Ireland
Iterum Therapeutics announced that it has filed a petition in the High Court in Ireland to wind up the company. An order was made appointing Damien Murran and Jennifer McMahon, each of Teneo Restructuring, as joint provisional liquidators to the company. The petition is due to be heard on April 13. If a winding up order is made by the High Court, the joint provisional liquidators will be confirmed as joint liquidators of the company, and this will result in the winding up and, in due course, the ultimate dissolution of the company. The joint provisional liquidators were also appointed to the company's Irish subsidiary, Iterum Therapeutics International. Although the company engaged in transaction discussions with two potential counterparties on proposed terms for the acquisition of sulopenem as part of the company's evaluation of strategic alternatives, neither of the counterparties were able to finalize a definitive agreement and consummate such a transaction on the required timeline and terms, given the limited cash runway for the company. Therefore, the board determined that continuing to pursue either transaction was not in the best interests of the company's creditors and shareholders and the company has determined that there are no further reasonable avenues available at this time for an alternative strategic transaction outside the context of a liquidation. It is intended that the joint provisional liquidators will oversee a wind down of the company's other subsidiaries. It is likely that the joint provisional liquidators may decide to manage a withdrawal of Orlynvah from the U.S. commercial market. Any such withdrawal would be done in accordance with FDA procedures and in consultation with the relevant third-party service providers including Eversana Life Science Services and clinicians, as appropriate.
