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Sienna Biopharmaceuticals files for Chapter 11 bankruptcy

Sienna Biopharmaceuticals Inc. said it is voluntarily filing for Chapter 11 bankruptcy protection.

The Westlake Village, Calif.-based biopharmaceutical company plans to continue managing and operating its business in accordance with the provisions of the bankruptcy code.

"We believe this decision is in the best interests of Sienna and its stakeholders," said Frederick Beddingfield III, president and CEO of Sienna.

Latham & Watkins is the company's legal counsel, while Cowen and Co. is the company's investment bank, reviewing different strategies to maximize stakeholder value.