In its SEC filing, Allena Pharmaceuticals Inc (NASDAQ:ALNA) filed for chapter 11 bankruptcy protection and terminated the employment of substantially all of its employees.
In January, the company announced exploring strategic and financing alternatives.
The company terminated substantially all of its employees, including Louis Brenner, President and Chief Executive Officer of the Company, and Richard D. Katz, Chief Financial Officer.
The company said it intends to continue operating at a reduced level.
Allena expects the filing to cancel or extinguish all outstanding shares without any payment or other distribution.
After receiving a Nasdaq delisting warning, Allena requested a hearing, said it is unlikely to pursue the hearing, and expects its stock to be soon suspended.
Last month, the company signaled it lacks the financial resources to conduct studies for ALLN-346 for hyperuricemia and gout in the setting of advanced chronic kidney disease.
Earlier this year, Allena terminated the URIROX-2 study after the company believed separating the reloxaliase and placebo groups for the UOx primary endpoint was lower than expected.
Price Action: ALNA shares are down 9.36% at $0.09 during the premarket session on the last check Tuesday.

Allena Pharmaceuticals Shares Fall After Filing For Bankruptcy