Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL) Files An 8-K Completion of Acquisition or Disposition of Assets
Item2.01
|
Completion of Acquisition or Disposition of Assets. |
On June 21, 2017, Enumeral Biomedical Holdings, Inc. (the
Company) completed an auction process to which the Company has
sold all of the equipment related to its research and development
activities. The Company sold this laboratory equipment in
connection with its previously announced decision to eliminate
its research and development function. The Company expects to
receive cash proceeds in the range of $265,000 to $290,000, net
of auction expenses, from the sale of this equipment. Each piece
of equipment was sold to the highest bidder in the auction, and
there is no material relationship between any of the purchasers
of the equipment and the Company, or any director or officer of
the Company, or any associate of any such director or officer. As
a result of this laboratory equipment sale, the Company expects
to incur a loss on disposal of fixed assets in the range of
$300,000 to $325,000 during the three month period ending June
30, 2017.
The Company is continuing to explore all available strategic
alternatives. As of the date of this filing, and after giving
effect to the net proceeds from the equipment sale referenced
above, as well as the headcount reductions previously announced
and other cost reduction efforts, the Company believes that it
has sufficient cash to continue to explore strategic alternatives
only into July 2017.
If the Company is unable to effect a strategic transaction or
raise additional capital on a timely basis in the near term, the
Company will be required to further downsize or wind down its
operations through liquidation, bankruptcy, or a sale of its
remaining assets.
| Item2.05 |
Costs Associated with Exit or Disposal Activities. |
The information contained in Item 2.01 of this Current Report on
Form 8-K is incorporated herein by reference.
About Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL)
Enumeral Biomedical Holdings, Inc. is a biopharmaceutical company focused on discovering and developing antibody immunotherapies that help the immune system fight cancer and other diseases. The Company utilizes a platform technology that facilitates the resolution measurement of immune cell function within small tissue biopsy samples. Its initial focus is on the development of a pipeline of monoclonal antibody drugs targeting established and immuno-modulatory receptors. Its platform technology is a microwell array technology that detects secreted molecules (such as antibodies and cytokines) and cell surface markers at the level of single, live cells and enables recovery of single, live cells of interest. Its program involves antibodies against the Programmed Cell Death receptor, commonly known as (PD-1). In addition to its PD-1 antibody program, it is developing antibody drug candidates for a number of immunomodulatory protein targets, including TIM-3, LAG-3, OX40, TIGIT and VISTA. Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL) Recent Trading Information
Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL) closed its last trading session at 0.150 with shares trading hands.