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.