Company Overview of Protea Biosciences Group, Inc
Protea Biosciences Group, Inc., a molecular information company, provides proprietary, bioanalytical workflows to the pharmaceutical and life science industries. It develops Histology Guided Mass Spec Imaging, a software suite that allows researchers to share, annotate, and direct the analysis of specific tissue morphologies and cell subpopulations by mass spec imaging; and prototype instrumentation of LAESI technology that integrates with laboratory instruments. The company also develops technology to improve the molecular characterization of biotherapeutics; and bioanalytical reagents and products to facilitate sample preparation prior to mass spectrometry analysis. In addition, it offers ...
1311 Pineview Drive
Morgantown, WV 26505
Founded in 2001
Key Executives for Protea Biosciences Group, Inc
VP of Research & Development and Chief Scientific Officer
Total Annual Compensation: $180.0K
Total Annual Compensation: $240.0K
Compensation as of Fiscal Year 2016.
Protea Biosciences Group, Inc Key Developments
Motion for Asset Sale Approved for Protea Biosciences, Inc.
Jan 26 18
The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Protea Biosciences, Inc. on January 26, 2018. The debtor has been authorized to sell substantially all its assets to Summit Resource Inc., the stalking horse bidder for a purchase price of $1.3 million in cash. The debtor did not receive any other competing bids for the purchase of its assets and therefore Summit Resource Inc. emerged as the winning bidder.
Final DIP Financing Approved for Protea Biosciences, Inc.
Jan 19 18
The US Bankruptcy Court gave an order to Protea Biosciences, Inc. to obtain DIP financing on a final basis on January 19, 2018. As per the order, the debtor has been authorized to obtain a term loan in the amount of $1.38 million from Summit Resource Inc. The DIP loan would either carry an interest rate of 15% p.a., along with an additional 5% p.a. interest in the event of default. The DIP facility would mature either on January 31, 2018 or the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Court had granted the debtor an interim approval to access $0.48 million as DIP financing on December 12, 2017.
Bidding Procedure Approved for Protea Biosciences, Inc.
Dec 13 17
The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all assets of Protea Biosciences, Inc. on December 13, 2017. The Court approved the asset purchase agreement between the debtor and Summit Resource Inc., the stalking horse bidder, for the sale of its substantially all its assets for a purchase price of $1 million in the form of credit bid. To qualify as a qualified bidder, interested parties should submit their bids at least seven business days prior to sale hearing date along with an earnest money deposit of $0.20 million. The initial minimum overbid should be at least in the amount of $1.50 million. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.1 million. The sale hearing is scheduled for January 24, 2018.
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