Purogenix has gone into administration – whereby an insolvency expert is charged with restoring a company's viability – and reduced headcount from 45 to four.
“Purogenix Ltd is a startup business which had invested heavily in their facilities and sadly ran out of cash before fully establishing itself,” a KPMG spokesperson told us.
The company, which made generic versions of the antibiotic Amoxicillin, had invested in a 129,000 square-foot facility in Kent, UK.
According to the spokesperson, the company stopped trading at the end of last year and “has been looking for investors to provide the vital liquidity required to resume trading operations since then. However, it has been unable to secure the necessary funding so the company is now in administration.”
“Purogenix will be unable to supply any further product to the market unless the business is sold and production recommenced,” the spokesperson added.
KPMG said it hopes to hear from anyone interested in acquiring the business, its assets, and Kent-based facility.