ODX Innovations Limited (SC549676): administration
- Status
- Administration ended
- Administration began
- 2022-12-19
- Administrators' firm
- FPM Accountants
- Formerly
- Orbital Diagnostics Limited
- Incorporated
- 2016-11-09
- Location
- Aberdeen
- 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- Funding withdrawn / unable to refinance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 forecast that additional funding was required in the year to December 2023. Bio-Rad agreed to provide some funding on the condition that additional funding was secured from third party investors.
The Company undertook a large exercise to seek additional funding and held discussions with various potential funders, but despite their best efforts could not secure the funding required.
In the absence of any additional funding, Bio-Rad indicated that they were not inclined to make any further investment in the Company in early December 2022. The directors immediately sought advice from their legal agents and accountants as to the Company's ability to continue as a going concern.
Administrators' statement of proposals (2023-02-09) · Companies House register