Thu, 05 Jan 2023 | ADMINISTRATION
Administrators are looking for a buyer following the collapse of Inverness-based medical technology firm ODx Innovations Ltd. The company is reported to have fallen into administration due to significant financial difficulties.
The company, which was based at the Inverness Campus, was involved in developing improved testing and treatment for urinary tract infections (UTIs). Administrators said that the company had developed “ground-breaking technology” with the “potential to help people all around the world” but had run into financial difficulties which made its administration “unavoidable”.
Duncan Raggett of AAB and Seamas Keating of FPM Accountants were appointed as joint administrators to the firm shortly before Christmas. Upon the appointment of the joint administrators, 38 of the firm’s employees were made redundant, with a “small number” of employees retained to preserve and protect its assets.
The joint administrators have urged any parties with an interest in acquiring the business or its assets to come forward. In its most recent accounts, for the year ending December 31 2020, ODx’s fixed assets were valued at £452,726, while its current assets were valued at slightly over £1.6 million. At the time, the firm’s total equity stood at close to £1.2 million.
Joint administrator Duncan Raggett commented: “I appreciate this is extremely difficult for the employees, particularly at this time of year. The directors did everything they could to keep the business afloat but unfortunately the company did not have the funds to continue and as a result administration was unavoidable.”
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