PhaseBio Pharmaceuticals, Inc. filed a notice for the auction results in the US Bankruptcy Court for the sale of certain assets on January 20, 2023. As a result of the auction conducted on January 20, 2023, Immunoforge Co., Ltd. has been selected as the winning bidder for the sale of debtor's all assets related to the ELP Platform. PhaseBio Pharmaceuticals, Inc. filed an asset purchase agreement in the US Bankruptcy Court for the sale of its certain assets on January 20, 2023.

As per the agreement dated January 1, 2023, seeks the Court's approval for the sale of certain assets to ImmunoForge Co., LTD., the winning bidder, for a purchase price of $1 million in cash, assumption of assumed liabilities and the payment of cure cost. The debtor's assets include all assets related to the ELP Platform. Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $12,500 million upon the execution of the agreement.

The buyer is represented by Eric M. Sutty of Armstrong Teasdale LLP as its legal advisor and the debtor is represented by Cullen Speckhart & Aaron Binstock of Cooley LLP as its legal advisors.