NEW YORK (GenomeWeb News) – Synthetic biology instrument firm GeneForge has declared Chapter 7 bankruptcy and will be liquidating its assets.
The firm filed its petition on Dec. 7 in US Bankruptcy Court, Western District of Washington, listing $435,541 in assets and $2.5 million in liabilities.
The company had been based in Redwood City, Calif., but moved to Gig Harbor, Wash., after it was sold last year. On its website GeneForge lists three instrument products, the Coliseum RNA and DNA synthesizer; GF 3900 High-throughput DNA synthesizer; and the GF Deprotection Module High-throughput DNA synthesizer.
The firm also sold consumables.
Its bankruptcy filing lists a single creditor holding secured claims, Midland American Bank, which is claiming $185,000. Creditors holding unsecured claims include Bruce Erickson, the founder of GeneForge, who claims $1.6 million, and Mike Bailey, its President and CEO, who claims $67,875.
Erickson sold GeneForge to Bailey a year ago. This past September, Erickson and others sued Bailey, his wife Candace Bailey, and GeneForge in the Superior Court of the State of California, County of San Mateo alleging breach of contract.