Ultrasound developer Quantason has filed for Chapter 11 bankruptcy protection in a last-ditch bid for survival, according to the Wall Street Journal.
The April 21 petition listed assets and debts between $1 million and $10 million each, the newspaper reported on April 23.
Quantason was founded in 2009 with the goal of developing technology to detect breast cancer. The company hopes to improve upon existing 2D and 3D ultrasound capabilities to improve detection sensitivity, enabling clinicians to find high-risk breast microcalcifications earlier, according to the article. Lacking regulatory approval for any of its products, the firm said it experienced significant operating losses as it continues development, testing, and seeking regulatory approval.
A bid last year to raise $10 million didn't pan out, so the Los Angeles-based firm hopes it can find a buyer soon that will allow it to restart operations, the Wall Street Journal reported. The firm is asking would-be buyers to submit bids by June 2 in advance of a June 9 auction.
