A listed HealthTech is to appoint administrators after failing to secure new funding earlier this year.
Trellus Health plc – whose shares were suspended from trading in May – had taken cost-saving measures to extend its cash runway.
It had previously reduced its monthly cash burn to an average of $300k and secured an emergency loan from one of its co-founders.
However this morning the business – listed on London’s junior AIM market, with minor cross-listings in Germany and the US – said it has ‘insufficient funds to continue trading as a going concern’.
“The board has therefore filed a notice of intention to appoint Paul Zalkin and Tom Parish of Quantuma Advisory Ltd as administrators of the company,” it stated.
“The board has resolved to take this action to protect the interests of creditors. Unless circumstances change, and in accordance with statutory requirements, the board intends to appoint administrators within five business days.”
The firm is behind Trellus Elevate, a digital platform that integrates data analytics with personalised, scientifically proven resilience programmes and value-based solutions to manage complex chronic conditions. It is led by co-founder Marla Dubinsky (pictured).
The origins of the company are in a New York hospital, where its operating subsidiary resides. Its UK base is in Penarth, near Cardiff.
“The board is also continuing, in conjunction with its corporate restructuring advisers… to seek a buyer for certain of the company’s assets including the shares in Trellus Health Inc., the company’s US operating subsidiary,” it continued.
“The board expects, should any sale be successfully concluded, that there will be no returns to the company’s shareholders.”