Artes Medical Inc., maker of dermal fillers used in cosmetic treatments, has filed for Chapter 7 Bankruptcy and plans to liquidate due to the severe economic downturn.

The company believes its assets will be insufficient to satisfy the claims of all creditors. In a filing with the U.S. Securities and Exchange Commission - the company said that it is not likely that its stockholders will be eligible to participate in any distribution of assets.

Bankruptcy filings made under Chapter 7 allow a consumer or business to liquidate assets to pay off creditors, while Chapter 11 filings are made by companies seeking to reorganize and pay debts while staying in business.