NPXe Files Voluntary Chapter 11

NPXe Limited has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. NPXe has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.

"The NPXe Board of Directors have extensively reviewed our strategic options and financial situation and unanimously agree that this structured sale process represents the optimal pathway forward for the Company," said Bill Burns, CEO of NPXe. "Inhaled Xenon gas has a history of safe use in humans, and based on Phase II data, we believe bringing XENEX™ to market represents an essential element for critical care treatment for PCAS patients, a population in which no approved pharmacotherapy exists."

Lincoln International has been retained as NPXe's investment banking advisor, subject to approval of the Court, to manage the sale and auction process. The proposed bidding procedures, if approved by the Court, would allow interested parties to submit binding offers to acquire substantially all of NPXe's assets, which would be purchased free and clear of the Company's indebtedness and liabilities. Interested parties could include both strategic and financial buyers, for whom substantial due diligence materials are available. The Debtors have proposed the following timeline for the sale process, subject to approval by the Court:

• Bids expected to be submitted by February 19, 2020
• Structured auction targeted to commence no later than February 21, 2020
• Sale intended to be concluded by February 26, 2020

NPXe is developing xenon gas for inhalation for the treatment of Post-Cardiac Arrest Syndrome. The Company has a Special Protocol Agreement with the FDA and a Scientific Working Party Agreement with the European Medicines Agency (EMA). Both the FDA and EMA have provided the sought PCAS indication with Orphan Drug status which prolongs the period of market exclusivity post approval. The FDA has also granted the drug Fast Track designation.

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