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PhaseRx files for Chapter 11 bankruptcy protection

PhaseRx Inc. filed for Chapter 11 bankruptcy protection.

The company plans to continue to manage and operate its business under the jurisdiction of the bankruptcy court.

PhaseRx is working with Cowen and Co. to review financial and strategic alternatives.

Potential alternatives may include a strategic collaboration with one or more parties, or the licensing, sale or divestiture of some, or all, of the company's proprietary technologies.

"The protection afforded under a Chapter 11 filing enables us to continue to explore strategic alternatives, including a potential merger transaction," said president and CEO Robert Overell.