Biotech Company Ceases Trading
Failure to both raise funds for the maintenance of operations and restructure to cut costs has forced the biotech company EnviroGene to call in PricewaterhouseCoopers administrators.
The Caerphilly-based biotech company has gone through tough times sustaining its trading amid declining pattern of its business for quite some time. Starting 2004, the firm has been supplying advanced biotechnology products that enable the determination of water pollution. The biotech company was also regarded as a key player in its sector.
Prior to Christmas season, the biotech company has attempted to boost its fund for the continuation of its trading but the fallout of the economic crisis left EnviroGene with no other option except to sell the business.
Mark Chadwick, formerly chief executive but now serving as director of the biotech company, has been appointed as chief executive of another firm, Physiomics, a cancer treatment technology company based in Oxford, shortly after EnviroGene’s failure to raise funds.
Physiomics released a statement regarding EnviroGene’s administration, saying the biotech company’s management had come up with its decision to put the firm to market following discussions with its major creditors.
The biotech company, which launched in 2009 the PetroGene in cooperation with the oil and gas company TDI Brooks International, had initially planned to widen its coverage in fields other than water that include the oil and gas exploration to avoid going into administration.