Biotech Co. May Face Ch. 7 Without DIP Loan

Law360, New York (May 6, 2009, 12:00 AM EDT) -- Isolagen Inc., a biotechnology company that is trying to develop a cellular therapy to treat wrinkles and other skin ailments, may be forced to file for Chapter 7 bankruptcy protection if its desperate efforts to secure debtor-in-possession financing to fund a Chapter 11 proceeding prove unsuccessful.

The Exton, Pa.-based company announced Wednesday that it had secured a $500,000 bridge loan from eight lenders in order to stay afloat as it pursues DIP financing after learning that the NYSE Amex LLC had halted trading in the company’s...
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