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Posted: October 3, 2007
Funding Problems Too Big For Cambridge Nanotechnology Firm
(Nanowerk News) Cambridge nanotechnology firm, Akubio has appointed business advisory firm Baker Tilly to try to save the company after it was forced into administration in September.
The Cambridge University spin-out developed a portable and low cost, rapid response disease diagnosis device, aimed at helping doctors make instant and accurate diagnoses for diseases such as malaria and meningitis, but has come into financial difficulties after having trouble finding funding for continued development of its nanotech products.
The news comes as a shock as the company has been the subject of considerable investment, including most recently, a three-year GBP 1.65 million (approx. $3.3 million) development programme, part-funded by a Collaborative R&D grant under the Department of Trade and Industry’s Technology Programme.
As a result of the money troubles, Cambridge Science Park-based Akubio has had to make a number of redundancies, and called in Baker Tilly to try and find a buyer for the company as whole.
“Akubio was founded in 2001 as a spin-off from the University of Cambridge, focusing on the design and supply of equipment to research scientists in a number of fields,” said the appointed administrator for Baker Tilly, Graham Bushby.
It seems the company's website has already been taken offline.