A spokeswoman told AccountancyAge.com the company was up for sale and had received several offers which it was considering, but denied Bioglan was in administration or receivership.
The spokeswoman also confirmed the resignation of finance director Ann Simon, but said Simon would contine to ‘assist with the company’s finances’ until a new FD was found. The company says it is ‘actively looking’ for a replacement.
At the same time Bioglan is renegotiating its debt with the banks and is focusing on its core dermatological products.
Yesterday, Bioglan said drug delivery company SkyePharma wanted to put an end to its licensing agreement with the pharmaceutical. Bioglan added it did not agree with the terms of termination but said the two companies were ‘in discussions to try to resolve the situation.’
At the end of October, CeNeS pharmaceuticals also said it wished to terminate its contract with Bioglan.
Bioglan this week reported readjusted interim results to July 31 2001, after having issued interim results in October – earlier than scheduled – following the collapse of a deal with US pharmaceutical giant Myers Squibb.
But the report was not signed off by KPMG, Bioglan’ auditors, who expressed their concern over the company’s future and asked Bioglan to readjust the results.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies