Following Successful Sale of Its Assets, Immunology Partners Inc. (formerly, Cylex Inc.) Emerges From Bankruptcy

Ashby & Geddes is proud to serve as co-counsel with Cooley LLP to Immunology Partners Inc. (formerly, Cylex Inc.), a life sciences company that entered its chapter 11 proceeding in December 2012 following a liquidity crisis stemming from a government investigation triggered by a False Claims Act qui tam complaint.  On January 23, 2013, the United States Bankruptcy Court for the District of Delaware approved a sale of substantially all of the debtor’s assets to Viracor-IBT Laboratories for more than $8.425 million over the approved stalking horse bid.  On September 24, 2013, the Court confirmed the debtor’s small business liquidating plan, which became effective the following day.  The Ashby & Geddes team representing the debtor as Delaware counsel consists of Bill Bowden, Karen Skomorucha Owens, and Stacy Newman.