NEW YORK (GenomeWeb News) – Nanogen announced yesterday that it has completed the sale of its assets to French diagnostic firm Elitech for $25.7 million.
The sale was arranged as part of Nanogen's previously announced bankruptcy proceedings and approved by the United States Bankruptcy Court for the District of Delaware.
The company said in a filing with the US Securities and Exchange Commission that the sale was closed following the completion of an auction process supervised by the court "in which Elitech emerged as the winning bidder."
Elitech will operate Nanogen's molecular diagnostics business, including Nanogen Advance Diagnostics in Italy and the company's Bothell, Wash., facility. Elitech's designee DxCon will operate the rapid diagnostics business based in San Diego, Calif.
Nanogen said in the SEC filing that following the asset sale, "there will be no value for common stockholders of Nanogen in the bankruptcy liquidation process" and that the claims of its creditors "will not be fully satisfied."