Oxford Biosensors placed in administration following funding
4 June 2009
Biotech Company, Oxford Biosensors has been put up for sale following
the appointment of Administrators.
The company has developed unique technology for point-of-care
electrochemical testing for lipids and other analytes, for use in the
cholesterol, diabetes and renal function diagnostic testing markets.
Oxford Biosensors’ lead product is a lipid diagnostic panel which is
designed for monitoring patients’ cardiac risk and the impact of
therapy, leading to an improvement in clinical outcomes.
The panel enables the testing to be undertaken in the doctor’s office
in about 5 minutes with results comparable to those performed in a
clinical laboratory. This product is now being finalised for FDA
approval and launch.
In addition to the lipid panel, the company has begun work on other
panel products for metabolic conditions, diabetes and renal function.
Initial feasibility on these pipeline products has already been
Since 2000, the company has raised approximately £18m including
equity, grants and corporate partnership revenues. This has enabled the
company to drive forward and validate its programs and establish
Funding was withdrawn in April and whilst discussions regarding a
possible sale of the business and assets are ongoing with a number of
potential purchasers, the company has sought protection via
administration while sale opportunities are explored.
Andrew Pear of Tenon Recovery said, “Contact has been made with over
70 potential purchasers and we are continuing to work to secure a sale
of the business as a going concern”.
The company operates from a fully equipped state of the art research
and development facility at Yarnton, Oxford, UK.
Expressions of interest are urgently being sought from parties
wishing to acquire the business and assets either in part or as a whole.
Interested parties can contact the administrators, Tenon Recovery of
Brighton, or Edward Symmons of London.
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