Oxford Biosensors placed in administration following funding withdrawal

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 completed.

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 corporate partnerships.

Funding was withdrawn in April and whilst discussions regarding a possible sale of the business and assets are ongoing with a number of potential purchasers, the company has sought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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