Eiger BioPharmaceuticals Declares Bankruptcy and Announces Operational Wind Down Following Years of Challenges

1. Eiger BioPharmaceuticals, a publicly traded company focused on developing therapies for rare metabolic diseases, has filed for Chapter 11 bankruptcy.
2. The company submitted a Chapter 11 petition listing approximately $38.8 million in assets and $53.1 million in liabilities.
3. Eiger plans to sell off substantially all its assets during the bankruptcy process and subsequently wind down operations.
4. The decision comes after several years of setbacks faced by the company.
5. Eiger shares dropped significantly upon announcement, reaching an all-time low of $1.87 per share (a 63% decline).
6. With the bankruptcy filing, Eiger seeks to engage in restructuring discussions with creditors while providing more time for potential resolutions.