Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of consulting services and software for pharmaceutical discovery and development, today announced that its bid to purchase substantially all of the assets of Entelos, Inc., in an auction supervised by and in accordance with certain bidding procedures approved by the United States Bankruptcy Court for the District of Delaware and pursuant to the provisions of Section 363 of the U.S. Bankruptcy Code was not selected as the winning bid.

Walt Woltosz, chairman and chief executive officer of Simulations Plus, said, “Although we believed we would be able to secure the bid at a price Simulations Plus could afford, it became clear at the auction in Delaware on September 21 that we would have had to far exceed any amount the board of directors had approved as our maximum bid. We were not prepared to risk substantially all of our cash to complete this acquisition.”