Non-Profit Biotech Organization Emerges From Receivership To Continue Life-Saving Infectious Disease Research
Shelly Crocker, principal and owner of Shelly Crocker, LLC, and the Bankruptcy & Creditors’ Rights team at Cairncross & Hempelmann have successfully managed the receivership of the Infectious Disease Research Institute (IDRI) and have enabled them to continue their work on vaccines for COVID-19 and other emerging pathogens across the globe.
Shelly Crocker was named receiver for IDRI by the King County Superior Court in January 2020, just as the COVID-19 global pandemic hit. At that time, IDRI had a staff of 40 employees, a fully functioning BSL-3 lab, active medical research, and clinical studies in progress. While Ms. Crocker was not a scientist, she recognized the importance of the IDRI work to the community and said to herself, “this needs to be saved.”
In the two years that followed, Shelly Crocker and the legal team at Cairncross & Hempelmann worked with creditors and debtors and utilized COVID-19 resources, such as leasing negotiations and PPP loans, to get IDRI back to operational sustainability. As a result, as of March 2, 2022, IDRI has been transferred back to the Board of Directors and can continue its mission to create vaccine platforms and technologies to combat the world’s most devastating infectious diseases.
The Infectious Disease Research Institute is a leader in the manufacturing and development of vaccines and adjuvants for research and early clinical trials. IDRI research and technology are currently being used in COVID-19 vaccines.