The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Protea Biosciences, Inc. on January 26, 2018. The debtor has been authorized to sell substantially all its assets to Summit Resource Inc., the stalking horse bidder for a purchase price of $1.3 million in cash. The debtor did not receive any other competing bids for the purchase of its assets and therefore Summit Resource Inc. emerged as the winning bidder.