A US District Court has upheld Cambridge Biotech's reorganization plan and dismissed an appeal filed by Institut Pasteur and Pasteur Sanofi Diagnostics (Marketletter September 2).
The company said that it expects to see its reorganization plan take place in October. Immediately after the District Court decision, Pasteur filed a further appeal with the First Circuit Court of Appeals and asked the District Court to stay the effect of its order. This latest appeal will not prevent the reorganization plan from being consummated unless a stay is issued by the District Court or the First Circuit Court of Appeals.
Alison Taunton-Rigby, president of Cambridge Biotech, said: "the District Court's decision is great news for CBC stockholders, creditors, employees and corporate partners. With two strong court rulings backing us, we plan to move rapidly to emerge from Chapter 11 as Aquila Biopharmaceuticals, proceed with our planned rights offering and focus on advancing the development of Aquila's products to treat infectious diseases and cancer."
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