The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of PhaseRx, Inc. on December 27, 2017. Each Bid must be accompanied by a deposit in the amount of 10% of the bids proposed purchase price. To qualify as a qualified bidder, interested parties should submit their bids by January 22, 2018. The initial minimum overbid should be at least $0.1 million more than the initial purchase price. The debtor has scheduled an auction on January 24, 2018. The highest bidder would be entitled to a break-up fee of 3% of purchase price and expense reimbursement of $0.25 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 26, 2018.