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Healthcare Equipment & Services

Unigene Laboratories Chapter 7 Petition Filed

July 2, 2013
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Unigene Laboratories filed for Chapter 7 protection with the U.S. Bankruptcy Court in the District of New Jersey, case number 13-24696. The Company, which engages in biopharmaceutical research, production and drug delivery of small proteins referred to as peptides for therapeutic use, is represented by Matthew E. Tashman of Reed Smith. As a result of the bankruptcy filing, a Chapter 7 trustee will be appointed by the Court and will assume control of the Company. All remaining assets of the Company will be liquidated in accordance with the Bankruptcy Code. According to documents filed with the SEC, concurrent with the Chapter 7 filing, the employment of all remaining employees of the Company, including Ashleigh Palmer, president and C.E.O., and Jack Wyszomierski, C.F.O., treasurer and secretary, was terminated. As a result, the Company no longer has any employees. In addition, Richard Levy, Ashleigh Palmer, Thomas J. Sabatino, Jr., Joel A. Tune and Jack Wyszomierski resigned from the board, and the Company has no current board members.  

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