Oxford: Administrators want to sell Biosensors

Biotech company Oxford Biosensors has been put up for sale following the appointment of Andrew Pear and Ian Cadlock of Tenon Recovery as joint administrators.

The company has developed unique technology for point-of-care electro chemical 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 five 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.

Unfortunately its funding was withdrawn in April and whilst discussions regarding a possible sale of the business and assets are on going with a number of potential purchasers, the company has sought protection via administration whilst sale opportunities are explored.

Andrew Pear, director of Tenon Recovery, commented: “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.

Expressions of interest are urgently being sought from parties wishing to acquire the business and assets either in part or as a whole.

Further information on this opportunity is available from Andrew Pear at Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton BN1 3XB 01273-725566 or Roland Cramp at Edward Symmons, 2 Southwark Street, London Bridge, London SE1 1TQ, 020-7955-8454, email: roland.cramp@edwardsymmons.com