CRXT - Clarus files for chapter 11 bankruptcy eyes auction of testosterone therapy Jatenzo

• Clarus Therapeutics ( OTCPK:CRXT ) filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware and want to pursue an auction and sale of its only  commercial asset Jatenzo.
• Jatenzo is approved to treat testosterone deficiency in men with certain medical conditions.
• The company also filed motions with the court seeking to ensure the continuation of normal operations while the process goes on and believes that it has sufficient financial resources to meet its operational and financial obligations.
• "After thoroughly exploring our strategic options in a robust process conducted by the Capital Structure Advisory team at Raymond James, and in light of the extremely challenging financial markets, Clarus’ Board of Directors and its senior management team have unanimously concluded that a structured sale process represents the best possible solution for Clarus and its stakeholders," said Clarus CEO Robert Dudley.

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