The US Bankruptcy Court gave an order approving the sale of the certain assets of Biocept, Inc. on April 2, 2024. The trustee has been authorized to sell its certain assets to PLUS Therapeutics, Inc. for a purchase price of $0.4 million in cash pursuant to the asset purchase agreement dated March 13, 2024. The debtor?s assets include all of Estate?s right, title and interest of every kind and nature whatsoever, including all Intellectual Property Rights excluding cash deposits, accounts receivable, Insurance, rights in insurance, avoidance actions, any rights to and in contracts.

Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $0.04 million upon the execution of the agreement. The transaction is expected to close on April 30, 2024. The buyer is represented by Erin N. Brady and Andrew Strong of Hogan Lovells US LLP as its legal advisors.