An Inverness-based medical technology company has filed for administration, with 38 staff made redundant.
ODx Innovations was backed with £1.75 million from Highlands and Islands Enterprise when it relocated to the the city in 2019.
A small number of employees have been retained by joint administrators Duncan Raggett of AAB and Seamas Keating of FPM Accountants while they seek a buyer for the company’s assets.
Raggett stated that directors had done “everything they could to keep the business afloat“, but the business - which was developing better testing and treatment for urinary tract infections - ran out of funds and administration was unavoidable.
“I appreciate this is extremely difficult for the employees, particularly at this time of year.
“We shall be doing our utmost to provide the employees the information and support they need to be able to claim monies due to them from the government’s Redundancy Payments Service.
“The company has developed ground-breaking technology that has the potential to help people all around the world.”
Raggett added: “The joint administrators will be working around the clock to find a purchaser for the business and assets that will secure a future for the great work done to date by the company.
“We would encourage anyone with any interest in the company’s business and assets, to make contact with our office as a matter of urgency.”
The company was founded in 2016 as Orbital Diagnostics, after being spun out from the University of St Andrews.
The collapse came despite having raised £14.9m in loans during 2021. According to its most recent accounts, ODx needed to raise more cash from current and existing investors early in 2023.
Giles Hamilton, who was appointed as chief executive in 2016, has been a board member of more than 50 organisations and served on the Scottish Government Industry Leadership Group for Life Sciences.
He was among those made redundant on 19 December, when administrators were formally appointed.
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