Sienna Biopharmaceuticals Inc., which previously filed for Chapter 11 bankruptcy protection, said the U.S. Bankruptcy Court for the District of Delaware approved the sale of its assets, including intellectual property, related to its experimental drug SNA-001.
The Westlake Village, Calif.-based biopharmaceutical company it will auction assets related to its experimental hair removal treatment, which uses a topical solution of silver photoparticles, for $1.7 million cash.
Following the court's approval, Sienna has requested the Nasdaq Stock Market to delist its shares from Dec. 13.
In November, the court approved Sienna's proposed bidding procedures.
The biopharmaceutical company, which develops therapies in immunology and inflammation that target select pathways in tissues, has previously said it continues to operate its business under the jurisdiction of the same bankruptcy court and according to the provisions of the bankruptcy code.