The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Genocea Biosciences, Inc. on August 9, 2022. The Court approved the asset purchase agreement between the debtor and Harpy Holdings, LLC for a purchase price of $2 million in cash, pursuant to the asset purchase agreement, dated August 2, 2022, for the sale of certain assets. The debtor's assets include intellectual property related to the ATLAS platform, including a portfolio of patents and trademarks, research and clinical trial data, research materials, and software URLs and related equipment.

The buyer shall make a cash deposit of $0.20 million to the escrow agent and the balance will be paid on closing. To qualify as a qualified bidder, interested parties should submit their bids by September 16, 2022, along with a cash deposit in the amount of $0.20 million. The minimum counteroffer should be in the amount of $0.15 million more than the initial purchase price.

If the debtor receives any counteroffers, then it would hold an auction for its assets at the sale hearing only, i.e., on September 21, 2022. The buyer would be entitled to a break-up fee of $0.10 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for September 21, 2022.