Oncimmune Holdings plc is to be placed into administration, with trading in its shares suspended.
The Leeds-headquartered MedTech – led by CEO Martin Gouldstone (pictured), a veteran of Sensyne Health, Syneos, BenevolentAI and BDO – enlisted consultancy firm Alvarez & Marsal late last month to find potential partners and investors on an emergency basis.
A buyer could not be found for its trading subsidiary Oncimmune Germany GmbH, while it also failed to secure further funding to extend its cash runway beyond April.
“After extensive consideration of the company’s current financial situation as well as the resulting creditor position, the board has regrettably concluded that there are no further options available to the company to extend its cash runway and that the group should therefore be placed into administration in order to preserve the value of the business for creditors,” it stated in a notice to the London Stock Exchange.
“Accordingly, a notice will be filed with the court today notifying the directors’ intention to appoint managing directors from Alvarez & Marsal Europe LLP as administrators of the company as soon as reasonably practicable.”
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Oncimmune has a discovery research centre in Dortmund, Germany and a US office in Cambridge, Massachusetts.
Its share price has fallen from above 14p per share at the start of the year to 1.27p at the close on Friday.
The autoantibody profiling company, which is developing techniques to enable precision medicine treating diseases including cancer, said last month that it remained confident in its long-term prospects and cited 11 live projects under discussion with a potential value of over £1.8m, alongside a number of “significant strategic collaborations and transformative contracts”.