The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Response Genetics, Inc. on August 28, 2015. The Court approved the asset purchase agreement between the debtor and Cancer Genetics, Inc., the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $7 million in cash, 788,584 shares of common stock of purchaser amounting to $7 million and assumption of assumed liabilities pursuant to the asset purchase agreement dated August 14, 2015. The debtor's assets include all assets necessary to operate Debtors business including but not limited to, the debtor's inventory, fixed assets and intellectual property.

To qualify as a qualified bidder, interested parties should submit their bids by September 25, 2015. The initial minimum overbid should be at least $1 million more than the initial purchase price. The debtor will schedule an auction on September 30, 2015.

At the auction, the subsequent bids would be in increments of $0.1 million. Each qualified bidder must make a deposit of $1.25 million. The stalking horse bidder would be entitled to a break-up fee of $0.56 million and expense reimbursement of $0.13 million in case of termination of the asset purchase agreement and $0.06 million for the fees arising from the debtor's auditor.

The stalking horse bidder will make a deposit of $0.5 million. The sale hearing is scheduled for October 1, 2015.