University of Nottingham spin-out crashes into administration

Oncimmune, the drug discover firm which has a base in Nottingham, has crashed into administration with trading in its shares suspended.

The company had first warned of trouble when it appointed Alvarez & Marsal last month to find potential emergency investors.

Oncimmune was established in 2003 as a spin-out from the University of Nottingham.

In a statement this morning, Oncimmune said: “Despite a comprehensive sale process and positive interest in the business it has unfortunately not been possible to secure a buyer for the company’s trading subsidiary, Oncimmune Germany. It has also not been possible to raise the additional capital required to meet the Company’s short term funding needs.

“In light of this, and after extensive consideration of the company’s current financial situation as well as the resulting creditor position, the board has regrettably concluded that there are no further options available to the company to extend its cash runway and that the group should therefore be placed into administration in order to preserve the value of the business for creditors. Accordingly, a notice will be filed with the Court today notifying the directors’ intention to appoint managing directors from Alvarez & Marsal Europe as administrators of the company as soon as reasonably practicable.”

Oncimmune’s shares were trading for just 1.27p at close on Friday (March 14).