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Sienna Biopharma To File For Bankruptcy

Sienna Biopharmaceuticals Inc. (SNNA) said Tuesday that it has elected to file a voluntary petition to allow restructuring under Chapter 11 of the Bankruptcy Code.

"The protections afforded by Chapter 11 provide for an orderly restructuring process as well as additional time to pursue financial and strategic alternatives," said Frederick C. Beddingfield III, M.D., Ph.D., President and Chief Executive Officer of Sienna.

In Tuesday Pre-market trade, SNNA is trading at $0.3788, down $0.29 or 43.74 percent.

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