The Company, based in March, Cambridgeshire, has a unique intellectual property portfolio which the administrators are looking to sell and any interested parties or investors should contact the joint administrators immediately for further information.
Chris McKay of regional business rescue and insolvency specialists, McTear Williams & Wood, Joint Administrators, said “The directors had exhausted development funding and had struggled to find partners to continue to support the development. Six members of staff were made redundant.”
“The company was incorporated in 1996 and whilst to date it has failed to deliver it has developed a range of proprietary technologies including its ‘Tabwrap’, ‘Swollo’ and ‘Meltums’ intellectual property and products. Further details can be found on its website www.bioprogress.com”
Bioprogress recently received interest from a global pharmaceutical company in the intellectual property of a specific patented technology which, if successful, would have provided significant funds but unfortunately the sale did not materialise. No further funding was forthcoming and so the directors had no choice but to place the company into administration.
Chris McKay, commenting on the administration, said “This is a typical situation for a development company. A significant amount of capital is invested to develop new products or procedures and sometimes it just doesn’t work out. Whilst it is always sad to see a company fail it provides opportunities for others to pick up the pieces and give it a fresh approach. We are now actively marketing the company’s assets.”
Bioprogress has a portfolio of trademarks and patents which it has developed and, together with some office and laboratory equipment, these are now being advertised for sale.
For more information visit www.bioprogress.com or contact [email protected]
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Chris McKay is a partner with McTear Williams & Wood and can be contacted on 0800 085 5070 or email [email protected]
McTear Williams & Wood has offices in Cambridge, Chelmsford, Ipswich, London and Norwich is East Anglia’s largest business rescue and insolvency firm with over 45 staff and specialists in banking, investigations, property and turnaround www.mw-w.com
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Bioprogress Technology Limited placed into administration
15 April 2013
Bioprogress Technology Limited, a developer of technologies and products designed to improve the efficiency of oral delivery of pharmaceuticals, has appointed Chris McKay and Andrew McTear joint administrators.