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The stock was down 10 cents just before 9:05 am ET, slumping to 14 cents. If pre-market losses hold, the stock will open at its lowest level in a week.
Introgen Therapeutics said that it has elected to file Chapter 11 petitions in the U.S. Bankruptcy Court, Western District of Texas.
Introgen expects that the Chapter 11 process will facilitate the implementation of the company's recently announced strategic reorganization.
As part of this filing, the company is seeking Court approval of a sales procedures motion that will allow Introgen to market its therapeutic portfolio and other assets to prospective buyers.
Introgen expects to continue core activities pertaining to each of its business units during the reorganization process and expects to emerge from Chapter 11 during 2009.
As part of these motions, the company has asked the Court for permission to continue paying employee wages and salaries and to provide employee benefits without interruption.
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