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Posted: June 14, 2008
Ntera Reports Losses of 32 Million Euros
(Nanowerk News) Ntera, a nanotechnology spin-off from University College Dublin, has racked up losses of more than €32 million as it attempts to develop and market its technology.
The firm was founded in 1997 and attracted about €25 million in funding from venture capitalists during the technology boom of the late 1990s.
However, it made a net loss of €2.5 million in 2006, bringing its total losses to €32.7 million, and leaving it with a deficit of €26.3 million.
"The company is reliant on the support of its creditors and shareholders to continue as a going concern," according to its accounts.
The auditors to the firm also noted ‘‘a material uncertainty’’ that could affect the company’s ability to continue as a going concern. The main backers of the firm include Cross Atlantic Capital Partners and Doughty Hanson.
Ntera was established in Dublin and specialised in materials science, including technology used in highly readable and efficient display screens, suitable for white goods, mobile phones and digital signs. The firm had hoped the technology could ultimately replace LCD technology.
As part of a restructuring in 2006, the firm’s Irish operations became a subsidiary of a US firm, Ntera Inc. It has confirmed that the Irish operations will ‘‘have the resources necessary to continue in operational existence for the foreseeable future’’, according to its accounts.
The Irish firm has subsidiaries in London and Switzerland. It was owed €2.5 million by related parties at the end of 2006, and owed more than €11 million to related parties - up from €2.2million a year earlier.
The directors of Ntera are company co-founder and managing director David Corr, and Gerry McCrory from Cross Atlantic Capital Partners, according to the accounts.