doors shut at ventracor

Doors shut at Ventracor

Nick Evans
Thursday, 25 June 2009

DESPERATE efforts to keep Ventracor afloat appear to have failed, with company administrators Ferrier Hodgson understood to have terminated the majority of the company’s remaining staff, leaving only a handful to help wind up the company.



VentrAssist cut away showing magnets

BTN understands that Ventracor staff were advised yesterday that their employment had been terminated and that Ferrier Hodgson would sell company assets individually, rather than seeking to sell the entire company as a going concern.

The move comes after the deal to sell the heart device company to United States-based Orqis collapsed early this week after Orqis financial backers withdrew from the proposal.

BTN understands that last-ditch efforts by the Save Ventracor shareholder group were also unsuccessful in raising enough money to keep the company viable, with Ventracor now likely to be liquidated following a new creditors meeting, expected to be called within the next few weeks.

While Ferrier Hodgson representatives had not responded to BTN’s request for comment by the time this article went to print, BTN understands that Ferrier has sent letters around the world offering Ventracor for sale, and has contacted hospitals involved in Ventracor’s clinical trial program requesting them to cease implanting the left ventricular assist device and to advise patients that the company would no longer be able to support the devices currently implanted.

Save Ventracor has not yet given up all hope, however, with a representative telling BTN this morning that the group was still looking at options, though he said he was unable to give any specific details of the plans.

BTN tried to contact Woodard to confirm the rumour but he also has not yet returned our calls.

Link:
http://www.biotechnologynews.net/StoryView.asp?StoryID=1003391