Intuitive Venture Partners filed with the U.S. Bankruptcy Court an objection to Enumeral Biomedical Holdings’ bidding procedures’ motion.
The objection asserts, “The Collateral Agent objects to the Bidding Procedures Motion because the proposed procedures (the ‘Bidding Procedures’), and indeed the sale itself, are not intended to and will not maximize the value of the Debtors’ estates. The entire sale process should be put on hold while the Debtors explore alternative financing arrangements with their secured lenders and equityholders that will not result in the loss of millions of dollars of valuable net operating losses (‘NOLs’), and also will not simultaneously destroy any chance of a meaningful return for the parties who have invested tens of millions of dollars in the development of the PD-1 assets.”
In addition, “It is likely that the Debtors’ bankruptcy filings were unnecessary, and that hundreds of thousands of dollars of bankruptcy-related expenses could have been avoided, had the Debtors’ management been upfront and forthright with the Noteholders about the Debtors’ finances prior the filing of these cases. After tens of millions of dollars of investment by the Noteholders and other equityholders in the development of the PD-1 assets, there is essentially nothing left to be done except wait and see if the licensing deal with Pieris will result in tens of millions of dollars of licensing revenue if the drug combination and clinical trials are successful….The Collateral Agent believes that the proposed sale is a short-sighted mistake, and that other financing options can and must be explored.”
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