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news.Joseph Finn, Jr., the assignee for the benefit of creditors of ActivBiotics, has announced the completion of the sale of company's intellectual property assets for $3.5 million.
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The assets consisted of, rifalazil, a Phase II antibiotic, a library of novel rifamycin compounds, and a clinical stage superoxide dismutase mimetic (SODm) and a library of SODm small molecules.
The sale of the assets was conducted through an assignment for the benefit of creditors. This process entails transference of the assets to a fiduciary who then liquidates them for the benefit of the creditors of the company.