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Nanogen, Inc. (NGEN) Completes Asset Sale


7/9/2009 9:13:37 AM

SAN DIEGO--(BUSINESS WIRE)--Nanogen, Inc. (Other OTC: NGEN.PK), developer of molecular and rapid diagnostic products, today announced that on July 2, 2009, pursuant to an Asset Purchase Agreement dated May 13, 2009, as amended, Nanogen and its subsidiaries Epoch BioSciences, Inc. and Nanotronics, Inc. completed their previously announced sale of substantially all of their assets to Financière Elitech SAS (“Elitech”) and its designee DxCon, Inc. in a sale conducted under the provisions of Section 363 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and approved by the United States Bankruptcy Court for the District of Delaware (the “Court”) on June 24, 2009 (the “Section 363 Sale”). The aggregate gross purchase price for the Section 363 Sale is $25,685,000. For more information about the sale and the voluntary petition filed by Nanogen under Chapter 11 of Title 11 of the Bankruptcy Code in the Court (the “Chapter 11 Proceeding”), please see the company’s report on Form 8-K to be filed on or about July 8, 2009.

Read at BioSpace.com

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