Drugs innovator runs out of cash
Steve Absolom and Rob Croxen, partners in KPMG’s restructuring practice, have been appointed joint administrators to Purogenix Ltd, a start-up which was seeking new ways to manufacture the antibiotic Amoxicillin using a bio-generic method
13 Jun 2018
The company had made significant investment in a 129,000 sqft freehold facility based in Kent and employed 45 staff, 41 of whom have been made redundant. A skeleton staff of four people has been kept in place to help the administration team and any parties interested in purchasing the business/assets.
Steve Absolom, partner and joint administrator, said: ‘Purogenix Ltd is a relatively young business which had invested heavily in their facilities and sadly ran out of cash before fully establishing itself. The business ceased trading at the end of 2017 and has been looking for investors to provide the vital liquidity required to resume trading operations since then. However, it has been unable to secure the necessary funding so the company is now in administration.
‘This is a very interesting and innovative business - manufacturing amoxicillin using cost-efficient and environmentally friendly technology. The administration team would be very interested in hearing from anyone who may be interested in this business, or its assets and facility in Kent.’
Report by Pat Sweet