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Neurologix Files to Liquidate Under Chapter 7 Bankruptcy

March 16 (Bloomberg) -- Neurologix Inc., a clinical-stage developer of gene therapies for disorders of the brain and central nervous system, filed for protection under the liquidation provision of the U.S. Bankruptcy Code.

The Fort Lee, New Jersey-based company listed assets of $1.2 million and debt of $12.9 million as of March 6 in Chapter 7 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 7 proceedings let companies liquidate their assets while being protected from creditors.

Current company programs address conditions such as Parkinson’s disease, epilepsy, depression and Huntington’s disease, according to its website.

In February, Neurologix hired Global Resource Partners Inc. to provide consulting and financial advice after Chief Financial Officer Marc Panoff resigned.

The company is owned by Corriente Advisors LLC, with a 23 percent stake; General Electric Pension Trust, with 20.12 percent; Palisades Private Partnership LP, with 12.1 percent; DaimlerChrysler Corp. LLC Master Retirement Trust, with 7.08 percent; and ATEC Trust with 6.16 percent, according to court papers.

The case is In re Neurologix Inc., 12-10936, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Dawn McCarty in Wilmington at dmccarty@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.

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