CB Technologies, Inc.
CB Technologies, Inc. (“CB” or “The Company”), Debtor-in-possession, develops and markets information technology solutions that enable the automated collection and analysis of clinical research data and the management of clinical trials for life science companies. CB’s main product, MetaTrial, is currently being utilized by 5 of the top 10 pharmaceutical companies and 4 of the top 5 CROs.
In order to continue the growth of the Company, CB Technologies was in need of additional venture funding and had a proposed Series C fundraising in November of 2002. The Series C fundraising was not successful due to the state of the venture markets and the Company subsequently filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
CB retained SSG with a mandate to conclude a transaction in a short time frame due to the Company’s deteriorating condition. Upon selection of a platform bidder, CB, operating as Debtor-in-possession, was sold to ViPS, Inc. in a Section 363 Asset Sale. The transaction closed in June 2003.