bankruptcy
Court Approves Genapsys Sale to Sequencing Health
According to the asset purchase agreement, Sequencing Health would offer up to $10 million in cash and assume Genapsys debt of approximately $32 million.
Genapsys Founders Lose Bid to Dismiss Bankruptcy Case
Genapsys has also obtained a minimum bid for its assets worth approximately $42 million, including $10 million in cash and the assumption of debt.
Genapsys Files for Chapter 11 Bankruptcy Protection
The Redwood City, California-based sequencing firm laid off more than 70 employees on July 8 after furloughing nearly all of its employees in late June.
The lawsuits are not the only recent disruption for Genapsys, which laid off approximately 40 employees earlier this year after a $70 million financing in 2021.
uBiome Files for Chapter 7 Liquidation
The company had previously declared Chapter 11 bankruptcy, which would have enabled it to reorganize to stay afloat and pay its creditors over time.