Sienna Biopharmaceuticals, a clinical-stage biopharmaceutical company in Westlake Village, on Tuesday announced it has filed for Chapter 11 reorganization.

“We believe this decision is in the best interests of Sienna and its stakeholders,” said Dr. Frederick Beddingfield III, chief executive and president of Sienna. “The protections afforded by Chapter 11 provide for an orderly restructuring process as well as additional time to pursue financial and strategic alternatives. Through this process, we expect to be able to maintain ongoing business activities while we continue to focus our resources on locating a purchaser or strategic partner to maximize the value of the company.”

Sienna has retained the Los Angeles-based Latham and Watkins law firm as legal counsel, and Cowen and Co. in New York as its investment bank to review financial and strategic alternatives for the company.

Shares of Sienna (SNNA) on Tuesday closed down 49 cents, or 73 percent, to 18 cents on the Nasdaq.