Clearside Biomedical to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process

ALPHARETTA, Ga.—Clearside Biomedical, Inc. (Nasdaq: CLSD), a biopharmaceutical company developing therapies for the back of the eye through the suprachoroidal space (SCS), announced that it has filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. As part of this process, Clearside said it intends to seek authorization for a Section 363 auction and sale process, which is a court-supervised process under the U.S. Bankruptcy Code that allows a bankrupt company to sell its assets outside of a traditional reorganization plan. If approved, the bidding procedures would require interested parties to submit binding offers to acquire Clearside’s assets, free and clear of liens and interests, the announcement said.