March 27 (Reuters) – Iterum Therapeutics said on Friday it has asked Ireland’s High Court to wind up the company after a prolonged cash crunch and struggle to raise funds.
Shares of the company, which was placed into provisional liquidation, were down more than 70% at 5 cents, hitting a record low.
The drugmaker said the move followed limited cash resources, an inability to raise new equity after shareholders at a recent meeting rejected proposals that would have increased authorized share capital and board allotment authority, and a failure to regain Nasdaq listing compliance.
The Dublin, Ireland-based company added that efforts to sell rights to its drug Orlynvah fell through after talks with two potential buyers did not yield a definitive deal in time, while ongoing commercialization costs weighed against modest sales.
Orlynvah was approved by the U.S. Food and Drug Administration in 2024, and on its August 2025 launch, was the first branded drug to be introduced in the U.S. to treat certain types of bacterial urinary tract infections in adult women, the company had said.
The drug brought in $390,000 following its launch in the third quarter ended September 30, 2025.
If the court grants a winding-up order in its April 13 hearing, it would lead to an orderly wind-down and eventual dissolution of the company.
(Reporting by Puyaan Singh in Bengaluru; Editing by Devika Syamnath)
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