Alzeim Limited (05089373): administration
- Status
- Administration ended
- Administration began
- 2011-10-07
- Incorporated
- 2004-03-31
- Location
- Fareham
- Industry
- 7310
From the administrators' statement
The company was established in 2004 with the sole initial purpose of developing and exploiting commercially the extraction of galantamine from daffodils that were grown locally Galantamine ts a drug, which currently is mainly manufactured synthetically, that has proven benefits for treating Alzheimer’s disease and other memory/sleep ailments and ts already prescribed worldwide
The company was funded by share capital currently amounting to £2m along with a secured term loan of £05m provided by Finance Wales The company was also supported by close co-operation with UK universities and has received grants
By the time of our appointment, the company had completed a four year research program into how best to extract galantamine from amongst 30,000+ varieties of daffodils It had identified local areas where crops of daffodils could be grown in the tight conditions, planted 114 acres of flowers (that take 2-3 years to grow to a harvestable state) and successfully developed a method and the equipment for extracting galantamine, with around eight kilos being produced this year It had secured trading premises in Brecon and trained a team of eight staff
Administrators' statement of proposals (2011-11-29) · Companies House register