Athenex Inc. ATNX -1.72% , , a biotech company that specializes cancer treatments, announced late Sunday that it had filed for Chapter 11 bankruptcy and reached an agreement with its lenders to expedite the sale of its assets. The company expects to finish the sale by July 1, and then continue with Chapter 11 to settle claims and wind up its business in a timely manner. The company’s chief executive Dr. Johnson Lau stated that the company was able to bring tirbanibulin (a treatment for actinic Keratosis, pronounced ak-TINIK ker-uh TOE-sis), through regulatory approvals, into the U.S. and EU markets, as well Taiwan. AK is a rough scaly spot on the skin that can be caused by sun exposure. He said that the U.S. Food and Drug Administration had sent a complete response to our oral paclitaxel candidate. This significant regulatory setback combined with the challenging biotech market and the difficult economy put enormous pressure on his ability to fund the business. The company now seeks a buyer to continue developing its drug candidates, and to bring them to the market. The stock has dropped 61% this year and 53.5% in premarket, while S&P 500 Spx, -0.16% is up 7.4%.