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MetaMorphix Announces Sale Under Bankruptcy Code


2/7/2011 7:15:56 AM

CALVERTON, Md., Feb. 4, 2011 /PRNewswire/ -- MetaMorphix, Inc., an animal biotechnology company, announced its intention to sell all, or substantially all, of its assets as part of its reorganization under a sale in Chapter 11 pursuant to section 363 of the Bankruptcy Code. The Company also announced that American MedTech Advisors has been retained to assist in the sale of the Company.

The Company will be accepting bids for any or all of its assets until 4:00 p.m., March 3, 2011. Qualified bidders will be invited to participate in an auction, which will be held on March 8, 2011 at 9:00 a.m. at the law offices of Pinckney, Harris & Weidinger, LLC, 1220 N. Market St., Wilmington, DE. Final court approval is expected on March 9, 2011.

MetaMorphix, Inc. has two technology platforms -- animal genomics, and growth and differentiation factors. The animal genomics business is operated as a wholly owned subsidiary, MMI Genomics, which is located in Davis, CA. MMI Genomics is a leading provider of DNA testing for the livestock and companion animal markets. For the livestock industry, MMI Genomics offers parentage and disease testing for cattle breeders and breed registries. It also has developed predictive markers for several of the most important production and meat quality traits in beef cattle. MMI Genomics has also licensed its trait prediction technology to livestock breeders -- Hubbard in chicken, and Newsham in swine. For the companion animal industry, MMI Genomics offers parentage testing for canine breed registries. As well, the Company was the first to introduce a DNA test that can determine the breed composition in mixed-breed dogs.

MetaMorphix's growth and differentiation platform was licensed from The Johns Hopkins University and is operated from the corporate headquarters in Calverton, MD. The Company's lead growth factor is Myostatin, which is a natural regulator of skeletal muscle. Potential indications for Myostatin in human health include treatment of muscular diseases such as muscle wasting, age-related loss of muscle, and muscular dystrophy. Myostatin has also been shown to have potential for the treatment of metabolic diseases such as Type II diabetes and obesity. In agriculture, Myostatin has the potential to dramatically improve livestock production efficiency and meat quality.

For more information on the Company, please contact:

Dan D'Agostino American MedTech Advisors 212-209-3885 ddagostino@ameritechadvisors.com

or Linda Yaswen, Ph.D. VP Strategic Planning MetaMorphix, Inc. 301-575-2512 lyc@metamorphixinc.com

For information on the bidding procedures, please contact: Adam Hiller, Esq. or Kevin Capuzzi, Esq. Pinckney, Harris & Weidinger, LLC 302-504-1497 ahiller@phw-law.com kcapuzzi@phw-law.com


Read at BioSpace.com

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