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Nanogen asset sale to Elitech subject to court approval

This article was originally published in The Gray Sheet

Executive Summary

Delaware bankruptcy court will review molecular and rapid diagnostic product maker Nanogen's recent chapter 11 filing and a proposed sale of the firm's assets to private French diagnostics firm Elitech for $25.7 million, Nanogen announces May 14. The asset sale will be subject to a court-supervised auction in which interested parties may submit better offers. Nanogen and Elitech initially had planned a stock-swap merger, but San Diego-based Nanogen was unable to secure working capital (1"The Gray Sheet" Feb. 2, 2009, In Brief)
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