The U.S. Bankruptcy Court issued an order granting the Debtor’s Sale Motion in its entirety and approving the sale of the assets of the Debtor to the Stalking Horse Bidder, Nalpropion Pharmaceuticals. As previously reported, “The Debtor did not receive any competing qualified bids in addition to the Stalking Horse Bid prior to the bid deadline. Therefore, in accordance with the Bidding Procedures Order, the Debtor has selected and designated the Stalking Horse Bidder as the successful bidder for the Assets; because the Debtor has received no competing qualified bids in addition to the Stalking Horse Bid, the Debtor has cancelled the Auction; and the Debtor will seek approval of the Sale of the Assets to the Stalking Horse Bidder at the sale hearing scheduled on June 28, 2018.” The deadline to close the proposed sale transaction is July 2, 2018.
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