Genocea Biosciences, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on August 4, 2022. The debtor seeks the Court's approval for the sale of its certain assets to Harpy Holdings, LLC for a purchase price of $2 million in cash, pursuant to the asset purchase agreement, dated August 2, 2022. 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 fifth to last business day prior to the scheduled date of the sale hearing, along with good-faith deposit in the amount of $0.02 million. The buyer would be entitled to a break-up fee and expense reimbursement of $0.10 million in case of termination of the asset purchase agreement.

The sale hearing will be held no later than September 23, 2022. The buyer is represented by Irving E. Walker of Cole Schotz P.C. as its legal advisor and the seller is represented by James M. Wilton of Ropes & Gray LLP as its legal advisor.