Newcastle’s AMLo Biosciences has crashed into administration.
The life sciences company, which spun out from Newcastle University and was founded in 2017, ceased to trade immediately following the Chris Petts and James Hichens of Grant Thornton as joint administrators last week.
All 11 staff have been made redundant at the firm, which specialised in prognostic tests for early-stage skin cancers – notably melanomas – and is based in The Biosphere at Helix.
The administrators said: “The company had been seeking to secure new investment which was not forthcoming in the required timeline. Subsequently, the company appointed Grant Thornton UK Advisory and Tax LLP to try and effect a sale of the business on an accelerated basis.
“Although there was tangible interest, no deal could be concluded quickly. Consequently, the directors resolved that it would be in the best interests of the company and its creditors for the directors to place the company into administration. Discussions remain ongoing with interested parties.
“Following the appointment, the company ceased operations and all employees were made redundant. The joint administrators are currently focused on exploring a sale of the company’s assets, including significant intellectual property, and assisting former employees in submitting claims to the Redundancy Payments Service.”
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AMLo, which was operating in the UK and US, has raised more than £4m in funding from the North East Innovation Fund – managed by Northstar Ventures – Esperante Ventures, Ascension, Conduit, Future Planet Capital, Innovate UK and angel investors.
However during an innovation showcase in December 2024, CEO Dr Marie Labus (pictured) told the UK Parliamentary Science, Innovation and Technology Committee: “As an all-female executive team that has discovered, researched, validated and commercially launched a diagnostic innovation into the US and UK healthcare markets, we are proud of what we have achieved so far.
“But further investment is crucial for companies like ours to navigate the hurdles in making our product, AMBLor, widely available to patients in the UK through the NHS.
“It is also concerning that only 3% of funding goes to female-led innovators. With the right support, AMLo Biosciences can continue to drive forward healthcare innovation, representing the vibrant business community of North East England, which is why the opportunity to address this Committee – in the heart of UK government – on the potential for positive change and collaboration was so important.”