Protea Biosciences Group, Inc. (OTCMKTS:PRGB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On November 27, 2017, the Board of Directors (the “Board”) of Protea Biosciences, Inc. (the “Company”) accepted the resignation of Patrick Gallagher from his position as a member of the Board. Mr. Gallagher’s resignation was not the result of a dispute or disagreement between Mr. Gallagher and the Company.
On November 30, 2017, the Board of Directors (the “Board”) of the Company determined that it will be required to file a voluntary petition for reorganization under Chapter 11 (“Chapter 11”) of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court of West Virginia (the “Court”). The Company chose to seek bankruptcy protection after due consideration and upon the advice and recommendations of the Company’s chief restructuring officer, Compass Advisory Partners, LLC (the “CRO”). As previously reported, the Company engaged the CRO on October 23, 2017 to evaluate and assess the Company’s financial outlook and to evaluate short-term options for new debt or equity financing. Following its review, the CRO recommended that the Company file for Chapter 11 bankruptcy protection. The Company intends to file the Chapter 11 Case on Friday, December 1, 2017. Following the filing, the Company will continue to operate its business at a reduced level as a “debtor-in-possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court.
About Protea Biosciences Group, Inc. (OTCMKTS:PRGB)
Protea Biosciences Group, Inc. is a molecular information company. The Company is engaged in developing and commercializing life science technologies, products and services to identify the molecules that are produced by living cells and all life forms. It also offers a platform technology, Laser Ablation Electrospray Ionization (LAESI), which enables the direct analysis, mapping and display of molecular information in living cells and tissue samples. The Company’s commercial development is centered in three business lines: Molecular Information Services, LAESI Instruments, Software and Consumables, and Molecular Diagnostics and Clinical Research. Its services enable the identification and quantitation of both small molecules (lipids and metabolites) and large molecules (proteins) and the services portfolio, inclusive of mass spectrometry imaging (MSI), proteomics, metabolomics, lipidomics and bioinformatics. Its clients include pharmaceutical, chemical and biotechnology companies.