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Enumeral Bankruptcy Procedures Approved

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The U.S. Bankruptcy Court approved Enumeral Biomedical Holdings’ bidding procedures in connection with sale of certain intellectual property.

As previously reported, “Purchaser has agreed to buy the purchased assets for $1,600,000, and has delivered a deposit of $160,000, which is being held in an escrow account pending approval and closing of the transaction. The balance of the purchase price is to be payable at the closing after entry by this Court of an order approving the Proposed Sale….Under the Pieris Agreement Seller granted Pieris a license in the field of oncology to certain of Seller’s PD-1 related intellectual property assets for use in conjunction with specified Pieris technology. In exchange, Pieris (a) paid Seller an initial fee of $250,000 and a subsequent maintenance fee of $750,000, (b) is required to pay development milestone fees potentially totaling up to $37,750,000 to Seller upon achievement of certain development milestones, (c) is required to pay sale milestone fees potentially totaling up to $67,500,000 upon achieving certain sale thresholds, and (d) is required to pay royalties as a percentage of net sales by Pieris during the royalty term.”

The order states, “The deadline for submitting bids for the Purchased Assets…on March 14, 2018. If any Qualified Bid other than that of the Proposed Purchaser is timely received by the Seller…each such Final Bid shall be submitted…on March 19, 2018. The Sale hearing shall take Place on March 21, 2018. At the Sale Hearing, this Court will consider approval of the Proposed Sale to the Purchaser or to the Successful Bidder and Back-Up Bidder, if any, determined by this Court pursuant to the Bid Procedures.”

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