Codiak BioSciences, Inc., a clinical-stage biopharmaceutical company pioneering the development of exosome-based therapeutics as a new class of medicines, has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets which is intended to maximize the value of the company.

The company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several parties. Codiak expects to consummate a sale of the entire business or its core assets as soon as reasonably practicable.

“The board and management team have thoroughly assessed all of our strategic options and believe that this structured process represents the best possible solution for Codiak, taking into account our financial needs and the stage of our clinical and research programs,” said Douglas Williams, President and CEO of Codiak.

Codiak has appointed Paul Huygens, Principal at Province, LLC, a financial advisory firm, as chief restructuring officer. Huygens will oversee the business and its restructuring process, working to execute the company’s business strategy and conduct a value-maximizing sale process.

The company’s executive management team, including Williams, Linda Bain (chief financial officer and treasurer), David Mauro, (chief medical officer), Sriram Sathyanarayanan, (chief scientific officer), and Nicole Barna (senior vice president, human resources), will be departing the company effective April 7. Williams will remain on the board. Yalonda Howze (executive vice president, chief legal and compliance officer and corporate secretary) will be departing the company on April 4 and Konstantin Konstantinov, (chief technology officer) will remain with the company.

Codiak will be filing various “First-Day” motions with the bankruptcy court requesting customary relief that will enable the company to transition into Chapter 11 without disruption to its ordinary course operations. Codiak expects these motions to be approved within the first few days of the case.