Codiak BioSciences plunges on filing for Chapter 11 bankruptcy protection: report

Mar. 27, 2023 6:41 AM ETCodiak BioSciences, Inc. (CDAK)By: Khyathi Dalal, SA News Editor4 Comments
  • Codiak Biosciences (NASDAQ:CDAK) shares dropped 11.4% lower after the company has filed for Chapter 11 bankruptcy protection in District of Delaware as per a court filing.
  • As per a Bloomberg report, the company slashed workforce by 37% and has also paused trials plans.
  • The company's estimates liabilities are $50-$100M while estimated assets stand between $100-$500M.

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