Mon, 10 Dec 2012 | ADMINISTRATION
A drug discovery company based in Cambridge has entered administration due to cashflow problems.
Biotica Technology is a Cambridge University spin-out based in the city's Chesterford Research Park. The firm had been working on polyketides, which are drug-like molecules that are produced by micro-organisms in soil. The business's aim had been to find new treatments for deadly diseases using the polyketides.
Joint administrators Chris McKay and Andrew McTear of McTear Williams & Wood were appointed this week to work with the firm's directors. The plan is either to restructure and save the company or to sell it.
Mr McKay told Cambridge News: “We became involved late last year after the company hit cashflow problems resulting from a licensing dispute with a drug development partner. Eight people were made redundant in November and now only three are left.”
The business was first established in 1996 through the research two professors from Cambridge University undertook. It grew into a successful discovery and development company, and in October 2012 announced a partnership with California firm Pelos Pharmaceuticals to develop therapeutics for aging-related diseases.
Administrators remain confident that there could be a positive future for the company, especially given its promising drug candidate, BC556, which is a potent inhibitor of hepatitis C that has received significant interest from a number of parties who are keen to develop it further.
An opportunity exists to acquire the business and assets of a well regarded UK wide direct to consumer bike subscription services with bespoke CRM system.
An opportunity to acquire a well established independent tyre fitting and auto repair centre located south west of the country.
An opportunity exists to acquire the business and assets of an entry level construction and manufacture of commercial and domestic use products to include damp proof membranes & courses, vapour control layers, attenuation membranes, tapes and accesso...
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.