Molplex Ltd (07006916): administration
- Status
- Administration ended
- Administration began
- 2016-06-03
- Administrators
- Matthew Dunham, Andrew Stephen Mcgill
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2009-09-02
- Location
- Birmingham
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in September 2009 with the purpose of discovering new drugs by utilising artificial intelligence systems (self-developed and online algonithm-based drug design software programmes) to process target chemical compounds with a view to identifying and optimising novel treatments for infections, cancer and other serious diseases
The Company was in the early stages of its lifecycle and did not generate any revenue It was funded through a combination of venture capital investment and grant funding The main investors were North Star Ventures and Spark Ventures
tn 2012, Molplex raised £350k from the ERDF and EIB funded North West Fund for Biomedical, and a further £1 2m from the RGF The RGF funding was dependent on relocation to the North West and equal investment being secured from venture capitalists and private investors within a specified time frame Despite the Company’s efforts, this additional investment was not obtained and consequently the RGF requested that the grant funding be repaid in full
Administrators' statement of proposals (2016-08-09) · Companies House register