Thu, 10 Apr 2014 | ADMINISTRATION
Westco Medical, the creator of an innovative feeding tube checking product, has entered administration.
The joint administrators, Matt Dunham and Andy McGill of accountancy and investment management group Smith & Williamson, are optimistic that a sale of the company will be achieved, to secure the future of the product.
The business, based in Liverpool’s Science Park, is behind a device called NG POD that detects the correct position of a feeding tube in a patient’s stomach.
The NG POD is used to simplify the daily procedure that ensures the correct position of feeding tubes, which can be tricky, and potentially life-threatening, and involves taking X-rays, which may be inappropriate to all patients. The NG POD also cuts costs, it is £2 a test, where an X-ray costs about £31.
The device is geared towards the nasogastric incubation market, which is said to be worth over £500 million. Hospitals have regular requirements for feeding tubes such as scenarios when patients are unconscious, sedated or are unable to eat for other reasons.
Sean Thomas and George Gallagher founded the business in 2009, and have received three bouts of funding from different companies, including Spark Impact, already.
Westco entered administration after finding it difficult to secure funding in the current economic climate, joint administrator Mr Dunham told the Liverpool Echo.
“Westco is a victim of the current investment climate where it can be difficult to secure even final round funding.
“In the case of NG POD, it was in the latter stages of product development and was about the enter user trials.
“Discussions had been held with a number of distributors in the UK who could see the NG POD was fulfilling an unmet need in the NHS,” he said.
The product has already generated a lot of interest from potential buyers. The administrators are optimistic that the product will make it through to market.
_____________________________________________________________________
Related information:
Register your interest with the administrators
An exciting opportunity has arisen to acquire a well-established safety clothing and equipment brand and retailer focusing on both B2B and B2C markets.
This is an opportunity to acquire a specialist business involved in utilities, drainage, and surveying services within the wastewater, commercial drainage, highways, and rail sectors.
Represents an unparalleled occasion for a hospitality acquirer seeking a historic coaching inn and hotel in Wooler.
FREEHOLD
02
|
Apr
|
Listed group Spire Healthcare buys occupational health peer Acorn | BUSINESS SALE
Listed group Spire Healthcare has bought peer Acorn Occupati...
01
|
Apr
|
Law firms merge to create regional powerhouse | MERGER
A Lincolnshire and Yorkshire law firm have announced they ar...
01
|
Apr
|
Jackson Jackpot falls into administration | ADMINISTRATION
Online competition business Jackson Jackpot Ltd has gone int...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.