NovaSom files for bankruptcy, seeks sale to VirtuOx

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Thursday, August 15, 2019

GLEN BURNIE, Md. – VirtuOx is seeking to acquire the assets of NovaSom, which filed for Chapter 11 bankruptcy Aug. 2.

Per the court documents, filed in the United States Bankruptcy Court for the District of Delaware, NovaSom seeks to sell virtually all of its assets to VirtuOx through a stalking horse auction; the estimated purchase price is $5.3 million.

NovaSom, a provider of home sleep testing, was founded in 1992 and manufactures the AccuSom, which features continuous patient support and next-day test results. Its backers include TPG Biotech and Johnson & Johnson.

In its court filing, the company indicated assets of between $1 million and $10 million, and liabilities of between $10 million and $50 million.

In August, the Baltimore Business Journal reported that NovaSom would shut down its Glen Burnie headquarters, effective Sept. 1, affecting nearly 170 employees.

The anticipated sale date is Sept. 27.