Mon, 11 Feb 2013 | ADMINISTRATION
A Scottish life sciences firm has entered administration following difficulties in securing a deal with overseas investors.
Angel Biotechnology makes antibodies, viruses and stem cells for clinical trials and is one of just a handful of remaining listed businesses left in the sector in Scotland. However, administrators from KPMG have now been appointed to oversee the next stage of the company's future, which is thought to involve a sale. Indeed, Gary Fraser and Blair Nimmo from the accountancy firm said that the group is looking for a buyer, adding that all 22 staff will be retained during the process.
It appears that the termination of rescue talks with a group of potential overseas partners is to blame for the company's woes. A shareholder meeting held earlier this year saw Angel's chairman Nick Smith state that the business's efforts to come to a deal with an overseas partner were "essential to the ongoing viability of the company".
However, the problems go further back, with administrators explaining that the group had faced trading difficulties after it took longer than expected to set up activities and secure new contracts at its newly-reopened site in Cramlington.
The administration leaves Omega Diagnostics and Optos as Scotland's only remaining listed life science businesses while trading for Angel Biotechnology is put on hold.
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