On December 30, 2015 KaloBios Pharmaceuticals reported that on December 29, 2015, it filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code (the "Bankruptcy Code") (Press release, KaloBios, DEC 30, 2015, View Source [SID:1234509361]). The filing was made in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") (Case No. 15-12628).

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The Company will continue to manage and operate its business and assets as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.