Two affiliates of Apple Tree Partners have filed for bankruptcy, a move designed to continue funding the venture firm’s portfolio biotechs as a funding dispute with a top investor plays out. The life sciences VC filed two petitions for Chapter 11 relief, a form of bankruptcy that allows for a business reorganization instead of liquidation. The limited partner entities “ATP Life Science Ventures” and “ATP Life Science Ventures” both filed in the U.S. Bankruptcy Court for the District of Delaware, according to legal documents. The Chapter 11 filings will ensure “portfolio companies have the funding and resources required to continue their critical missions to research and develop novel breakthrough treatments,” according to a release.
Read the full article: Apple Tree Partners Files for Bankruptcy to Keep Cash Flowing to Portfolio Biotechs //
Source: https://www.fiercebiotech.com/biotech/apple-tree-partners-files-chapter-11-bankruptcy-keep-cash-flowing-portfolio-biotechs