A Pennsylvania company has offered $6.5 million for American Biophysics Corp. of North Kingstown, the financially troubled maker of the Mosquito Magnet.
The bid by Woodstream Corp. of Lititz, Pa., set the stage for an April 17 auction that will seek a higher offer for the assets and operations of American Biophysics, said court-appointed receiver Stephen F. Del Sesto, a lawyer with the Pawtucket law firm Shechtman, Halperin & Savage LLP.
American Biophysics was founded in 1991 as a research and development company focusing on the creation of insect traps and other insect abatement products.
In 2003, the company was ranked among the nation’s fastest growing private companies by Inc. Magazine, and in February 2004, Forbes magazine ranked it the third-fastest growing technology company that had yet to go public, following the launch of its popular Mosquito Magnet.
But last year, after racking up more than $7 million in debt, the company sought Chapter 11 bankruptcy protection (READ MORE) and was place in receivership.
By PBN Staff Writer David Ortiz
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