Sienna Biopharmaceuticals Inc. will cease operations by the end of the week and lay off its remaining employees, according to a filing Wednesday with the Securities and Exchange Commission.
The decision comes after the Westlake Village company filed for Chapter 11 in September and sought to sell its topical pre-treatment drug for laser hair removal of light hair, SNA-001, in October.
According to a report from the Wall Street Journal, acne therapy company Sebacia agreed to pay $1.7 million in cash for SNA-001, beating out another offer made by California-based dermatologist Mitchel Goldman with an offer of $1.65 million.
The sale is due to close by Friday.
There were no bids for Sienna’s other drugs, including flagship topicals SNA-120 for psoriasis and SNA-125 for atopic dermatitis.
Shares of Sienna plummeted 4 cents, or 34 percent, on Thursday, bringing the price to 8 cents on the Nasdaq.
The company rang the bell on the Nasdaq Market Site in Times Square on its first day of trading about two and a half years ago; shares of Sienna closed up $4.25, or more than 28 percent, to $19.25 on opening day.
The company was originally founded in Delaware as Sienna Labs in July 2010, and was last cited as employing 18 individuals at its 7,000-square-foot headquarters at 30699 Russell Ranch Road.