(RTTNews) - Iterum Therapeutics plc. (ITRM) Friday announced that it has filed a petition in the High Court in Ireland to wind up the company. The petition is due to be heard on April 13, 2026.

ITRM is up 117.70% at $0.07 in the pre-market, probably in a corrective gain as it had plunged 79.77 percent on Friday.

Following the wind up application, an order was made appointing Damien Murran and Jennifer McMahon, each of Teneo Restructuring (Ireland) Limited, as Joint Provisional Liquidators to the company.

Iterum Therapeutics which is in provisional liquidation is focused on delivering differentiated anti-infectives aimed at multi-drug resistant pathogens.

Iterum's first compound, Sulopenem, is a penem anti-infective compound, with an oral formulation and IV formulation.

In October 2024, Iterum had received FDA approval for ORLYNVAH which is an oral Sulopenem for the treatment of uncomplicated urinary tract infections in adult women with limited or no alternative oral antibacterial treatment options.

The factors the company considered for this filing include limited available cash resources and the restrictions on its ability to raise additional capital due to lack of shares, inability to regain compliance with Nasdaq listing requirements, the absence of an alternative strategic transaction acceptable and the significant expenses required to continue to fund for the ongoing commercialization of ORLYNVAH.

In addition, though the company engaged in transaction discussions with two potential counterparties on proposed terms for the acquisition of Sulopenem, it's first compound neither of the counterparties were able to finalize a definitive agreement as noted. Iterum commercially launched ORLYNVAH in the United States. with its commercialization partner, EVERSANA Life Science Services, LLC, in August 2025.

Also, it is likely that the joint provisional liquidators will decide to withdraw ORLYNVAH from the U.S. commercial market. Any such withdrawal would be done in accordance with FDA procedures and in consultation with EVERSANA and clinicians, as appropriate.

For the third quarter that ended on September 30.2025, ORLYNVAH sales related product revenues were 0.4 million.

ITRM has traded between $0.02 and $1.50 in the last year. The stock closed Friday's trade at $0.03, down 79.77%.

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