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ActivBiotics' Intellectual Property Assets, Including Drug Product Candidates, Sold for $3.5 Million

07 Apr 2008 - Joseph F. Finn, Jr., CPA, the Assignee for the Benefit of Creditors of ActivBiotics, announced the completion of the sale of ActivBiotics intellectual property assets for $3.5 million. The assets consisted of 1) Rifalazil, a Phase II antibiotic, 2) a library of novel rifamycin compounds, and 3) 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.