Genapsys Inc., a developer of gene sequencing technology, was approved to tap part of a $4 million bankruptcy loan intended to fund a speedy Chapter 11 sale process.
A judge granted the Redwood City, Calif.-based biotechnology firm access to $1 million of the loan package during its initial appearance Wednesday in the US Bankruptcy Court for the District of Delaware following its July 11 bankruptcy filing. With the funding from pre-bankruptcy lender Oxford Finance LLC, the company intends to lock in and close a sale of its business within 60 days.
The company was previously engaged in investment and sale-related ...
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