KPMG steps in at Scottish biotech firm
Livingston-based biotech firm Excell is being assessed by a team of corporate recovery specialists from KPMG.
The company, which is developing its own treatments for cancer and is also a drugs manufacturer, was bought by Canadian parent QBiogene four years ago.
The workforce at Excell is believed to be around 125 at its West Lothian plant and problems are believed to have been caused by a lack of funding.
Creditors include the Royal Bank of Scotland and an environmental control business, Thermal Transfer, the Scotsman.com reported.
The news will hit Scotland’s biotech sector hard following the demise of PPL Therapeutics last year, which cloned Dolly the Sheep, and a number of other collapses in the sector.