Nemesis Bioscience Ltd (08919523): administration
- Status
- Administration ended
- Administration began
- 2023-02-01
- Administrators
- Benjamin John Wiles, Philip Joseph Dakin
- Administrators' firm
- Kroll
- Incorporated
- 2014-03-03
- Location
- London
- Industry
- 72110 Research and experimental development on biotechnology
From the administrators' statement
As noted above, the Company was a start-up enterprise and required substantial investment to support the continued biotechnological development.
Kroll was engaged on 5 December 2022 to conduct analysis of the Company’s current financial position and review of the Company’s cashflows and forecasts. Given the impending cash deficiencies, Kroll worked with the management team to collate information about the Company to immediately present the solvent and insolvent options for the Company.
At the end of January 2023, the Company had failed to secure any additional funding from investors or external sources despite investigating options such as European grants, bridge funding and dormancy funding. The United Kingdom's exit from the European Union in January 2020 led to the termination of a €2 million European Union grant for the Company and also made it more difficult for the Company to secure grants post exit. The Company made four applications for the UKRI Horizon grant with the most recent being in November 2022; however, due to the risk that further rejections may have been forthcoming, delaying the receipt of grant monies post January 2023, the applications were withdrawn on 25 January 2023.
Administrators' statement of proposals (2023-03-28) · Companies House register