Judge OKs Aphton Sale Of Cancer Drug

Law360 (August 1, 2006, 12:00 AM EDT) -- A bankruptcy judge has signed off on a deal that will allow biopharmaceutical company Aphton Corp. to sell off its gastrointestinal cancer drug to Receptor BioLogix Inc.

U.S. Judge Christopher Sontchi approved the $750,000 cash sale of the vaccine candidate, Insegia, in the U.S. Bankruptcy Court for the District of Delaware on Friday after the price increased 50% at auction.

Aphton, which develops cancer immunotherapies, slipped into Chapter 11 in May after a number of business deals fell apart.

New York-based hedge fund NGN Capital stood...
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