Tue, 11 Jan 2011 | ADMINISTRATION
A biotechnology firm based in Caerphilly has gone into administration following a failed attempt to acquire the necessary funding to continue trading.
EnviroGene, which has been supplying biotechnology products aimed at detecting water pollution since 2004, has been struggling with a downturn in trading for some time.
The firm, which was once seen as one of the leaders in its field, has now been put into the hands of PricewaterhouseCoopers, who will act as administrators.
The former chief executive of EnviroGene, Mark Chadwick, was appointed to the position of chief executive of another firm, Physiomics, at the end of last year, whilst remaining as a director of EnviroGene.
Oxford-based Physiomics, which specialises in developing technology to aid in the fight against cancer, released a statement in conjunction with PricewaterhouseCoopers, which read, “Following a substantial restructuring to save costs and a failed attempt at raising funds to continue operations, the decision was taken, in discussions with EnviroGene’s major creditor, to put the company into administration.”
EnviroGene had originally hoped to stave off the administrators by widening its coverage and extending its focus from water contamination into oil and gas exploration.
The firm also launched PetroGene as part of an alliance with TDI Brooks International, an oil and gas exploration services firm, in 2009.
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