Henderson Morley enters administration
BIRMINGHAM-based biotechnology company Henderson Morley has filed for administration. The Moseley company said it would be seeking ways of salvaging value for shareholders before an administrator was appointed.
In a statement to the London Stock Exchange, the company directors said: “Pursuant to the procedures in part 2 of The Insolvency Rules, 1986, a notice of intention to appoint an administrator by the Directors of the Company, was filed this afternoon (Friday) in court.
“This notice covers Henderson Morley plc, as well as its wholly owned subsidiaries Henderson Morley Research and Development Ltd, and Madison Animal Health Ltd.
“During this period of notice, the Company will continue to seek ways of salvaging value for shareholders, before an appointment of an administrator, however there is no certainty that this can be achieved.”
The company has been working on developing a pipeline of anti-viral drugs and vaccines and biological products to combat diseases in both humans and animals.
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The move is a blow to the region’s biotechnology sector which has been singled out for its high growth potential.
The company has endured a rollercoaster ride on the stock exchange this week with its shares rising and falling on news that directors chairman Andrew Knight and chief executive Dr Ian Pardoe had each advanced the business £2,500 to secure working capital.
Earlier this month, the duo agreed to invest £55,000 to bolster the company so it could meet operational expenses until the disposal of the intellectual property of its ICVT human portfolio.
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