TUCSON, AZ — Accelerate Diagnostics on Thursday filed for Chapter 11 bankruptcy protection after the publicly traded, Tucson-based medical diagnostics company was unable to overcome financial challenges that strained its business model.
Accelerate (Nasdaq: AXDX) on May 8 filed a voluntary petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, seeking authorization for an auction or sale of its assets.
The company also filed a number of first day motions with the court to ensure its operations can continue during the sale and asset auction process, including approval to obtain debtor-in-possession financing and authorization to pay employee wages and benefits, among other things.
