Cambs-based Bioprogress Technology has appointed Chris McKay and Andrew McTear of McTear Williams & Wood as join administrators. The company, which is based in March and specialises in technologies for the oral delivery of drugs, has a unique intellectual property portfolio which the administrators are looking to seel and any interested parties should get in touch.
Chris McKay said: "The directors had exhausted development funding and had struggled to find partners to continue to support the development. Six members of staff were made redundant." He added: "This is a typical situation for a development company. A significant amount of capital is invested to develop new products or procedures and sometimes it just doesn't work out. Whilst it is always sad to see a company fail it provides opportunities for others to pick up the pices and give it a fresh approach. We are now actively marketing the company's assets."
18 April 2013