Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Nanogen Completes Asset Sale

Abstract:
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 Financičre 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.

Nanogen Completes Asset Sale

San Diego, CA | Posted on July 9th, 2009

Elitech plans to operate the Nanogen molecular diagnostics business including Nanogen Advance Diagnostics (Italy) and the Bothell, Washington units. DxCon, Inc. will operate the rapid diagnostics business based out of San Diego, California.

On July 6, 2009, Nanogen filed with the Delaware Secretary of State a Certificate of Amendment of Restated Certificate of Incorporation of Nanogen, Inc. amending its Restated Certificate of Incorporation to change its corporate name from "Nanogen, Inc." to "Ngen, Inc.".

This sale concludes the disposition of substantially all of the assets of Nanogen and its U.S. subsidiaries. Management of Nanogen believes that there will be no value for common stockholders of Nanogen in the bankruptcy liquidation process. Stockholders of a company in chapter 11 generally receive value only if all claims of its secured and unsecured creditors are fully satisfied. Nanogen believes that the claims of Nanogen's creditors will not be fully satisfied, even after completion of the Section 363 Sale or future sales of remaining assets, if any, in the liquidation process.

####

About Nanogen, Inc.
Nanogen, Inc. develops diagnostic products that enable physicians to deliver improved patient care. Its products allow faster and easier diagnosis, treatment and monitoring of cardiovascular disease and a range of infectious diseases. The company’s products include molecular diagnostic kits and reagents, and kits for rapid point-of-care testing. Nanogen has pioneered the development of biomarkers, molecular biology technologies and nanotechnology to bring better results to diagnostics and healthcare.

For more information, please click here

Contacts:
Nanogen, Inc.
Nick Venuto
Chief Financial Officer
858-410-4600
or
Kelly Gann
Marketing Communications
858-410-4667

Copyright © Nanogen, Inc.

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Unveiling the quantum necklace: Researchers simulate quantum necklace-like structures in superfluids May 26th, 2017

Legal

SUNY CNSE and Albany Law School Partner to Create First-of-its-Kind Nanotechnology Education and Training Program November 5th, 2013

US Court of Appeals characterizes Wyatt Technology Corporation Lanham Act claims as “groundless, unreasonable, vexatious or pursued in bad faith” May 31st, 2013

Fluidigm Files Lawsuit against NanoString’s Deceptive Marketing: Fluidigm Sues NanoString for False and Misleading Advertising under the Lanham Act November 8th, 2012

Photonic gels are colorful sensors: Rice, MIT researchers create thin-film polymer metamaterial with potential for many uses October 10th, 2012

Nanomedicine

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Zap! Graphene is bad news for bacteria: Rice, Ben-Gurion universities show laser-induced graphene kills bacteria, resists biofouling May 22nd, 2017

Sensors detect disease markers in breath May 19th, 2017

Announcements

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Unveiling the quantum necklace: Researchers simulate quantum necklace-like structures in superfluids May 26th, 2017

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project