About half of the 26 employees were made redundant prior to the bankruptcy and the other half have had their employment agreements terminated following the bankruptcy.

As things stand, most of the members of the leadership team are available for a short period of time to ensure compliance with applicable regulatory requirements and to assist with this sale process, states DLA Piper Sweden.

The intention is to have a buyer to take over and assume the company’s business and/or assets no later than on 30 April 2024.

The company’s business and assets are offered for sale by the bankruptcy estate. The contemplated sale may either be carried out as a business sale, whereby the assets are sold together, or an asset sale of individual assets or groups of assets separately. For the avoidance of doubt, the contemplated sale does not imply that a buyer assumes any debts of the company. No later than on 30 April 2024, the bankruptcy trustee intends to proceed with final negotiations with the top bidder or bidders. The intention is to have a buyer to take over and assume the company’s business and/or assets no later than on 30 April 2024. In connection therewith, the buyer shall pay the purchase price (i.e. cash consideration) to the bankruptcy estate. Hence, all bids must be fully financed.

XNK Therapeutics

XNK Therapeutics focuses on autologous NK cell based therapy development with a technology platform and a pipeline spanning both hematological malignancies and solid tumor indications. The most advanced product, evencaleucel, is in phase II studies in combination with the anti-CD38 antibody isatuximab targeting multiple myeloma. Other programs include XNK02 in acute myeloid leukemia, currently in preclinical studies in collaboration with MD Anderson Cancer Center and the Karolinska University Hospital, XNK03 in urothelial carcinoma/bladder cancer, currently in preclinical studies in collaboration with the Karolinska University Hospital, and XNK04 in hepatocellular carcinoma/liver cancer in collaboration with a global pharma company and the DLA Piper | 1 Karolinska University Hospital.

Read more: Business Interview: At the forefront of clinical cell therapy

Photo of Johan Liwing, CEO, XNK Therapeutics