A Medical Device Daily

Northfield Laboratories (Evanston, Illinois) reported that it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware. The filing was made to facilitate the company's previously-announced plan to wind down its business operations and carry out an orderly disposition of its assets.

The decision to file was made after an exhaustive review of alternative options and is seen as the most favorable means for the company to continue its wind down process and liquidate its remaining assets for the benefit of its creditors and other parties in interest.

The company expects to file with the bankruptcy court a liquidating plan and related disclosure statement. Northfield expects that it will seek approval of the plan as expeditiously as practicable pursuant to relevant notice requirements, the Bankruptcy Code and applicable law and procedures.

Northfield also said that it had received a letter from the staff of Nasdaq, indicating that the company's common stock will be delisted from the Nasdaq Global Market as of the opening of trading on June 11 in accordance with Nasdaq Listing Rules 5100 and 5110(b) and IM-5100-1.

Receipt of the Nasdaq letter follows the company's announcement on June 1 that it had filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware. The filing was made to facilitate the company's previously-announced plan to wind down its business operations and carry out an orderly disposition of its assets.

In view of the company's plan to wind down its business, the company does not expect to appeal the determination of the Nasdaq staff with respect to the delisting of its common stock.