NephroGenex sold assets to Medpace Research
- Background: NephroGenex, headquartered in Raleigh, NC, is a specialty pharmaceutical Company that focused on the development of therapeutics to treat kidney disease. Based on financial considerations, the firm decided to pause its two key programs: 1) its Phase III clinical program for oral Pyridorin for the treatment of diabetic nephropathy and 2) its Phase I ready program for IV Pyridorin for the treatment of acute kidney injuries.
- Cassel Salpeter:
- Served as the exclusive financial advisor to the Company
- Served as restructuring advisor to debtor in a bankruptcy matter, identifying and contacting over 275 strategic and financial parties
- Challenges:
- Drug failed to show a significant effect over the placebo in Phase III clinical trails
- Complexity and duration of bankruptcy proceedings
- Outcome: On May 10, 2017, the United States Bankruptcy Judge for the District of Delaware entered an order confirming the Sale pursuant to a Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The plan became effective on May 24, 2017.
