A bio-tech company with bases in North Wales and Cambridge has gone into administration.
Steve Absolom and Will Wright from KPMG’s Restructuring practice have been appointed joint administrators to Sphere Medical Limited.
The medical technology business has been trading since 2003 and has operations based in Cambridge and St Asaph, Denbighshire.
The business sought to create biosensor technology to improve outcomes for critically ill patients with innovative product Proxima one of its core brands.
Following the appointment of the joint administrators, the majority of the 45-strong workforce of scientists, engineers and technicians were made redundant.
Several members of staff have been retained to assist the joint administrators whilst buyers are sought for the business and assets.
Steve Absolom, partner at KPMG and joint administrator said: “Sphere Medical has developed an innovative biosensor technology, but unfortunately, has run out of the funding required to enable the technology to achieve the necessary regulatory approvals for it to be commercially developed.
"An opportunity now exists for a new investor or partner to come forward and harness the potential of Proxima, as we put the technology and associated assets up for sale.
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“However, we understand this is an extremely disappointing outcome for the dedicated employees of the business.
"Our focus over the coming days will be to liaise with those employees who have been made redundant, ensuring they are provided with any support and information they need.”
Parties interested in buying the technology and associated assets should contact Nicola.Kennedy2@kpmg.co.uk