The biotech that, in a space of one month in 2009, announced the ''results of highly promising findings'' on a trial of its drug Immunoxel on AIDS patients, the ''clinically demonstrated'' effectiveness of the drug in preventing swine flu, and another breakthrough in treating drug-resistant tuberculosis, has been placed into administration.
Stirling Products called in the corporate paramedics last Monday, less than three weeks after its managing director, Peter Boonen, at a shareholder meeting described the recently completed financial year as ''both a very successful year as well as a very difficult and frustrating one''.
The company only last month continued to talk up its planned listing on the London Alternative Investment Market (AIM), citing the lack of love it received from Australian investors. ''It is a real pity, that this value and opportunity is not reflected in our market in Australia and that we clearly need to move to another market where our industry business and assets can be compared to listed peers as well as far better understood,'' moaned Boonen at the meeting.
The lack of love for Stirling became apparent this year when it had to scale back plans to raise $6 million. In June, the newsletter Biotech Daily noted how the company wanted to raise 2.6 billion new shares on the London AIM.
Despite having low cash reserves at the end of the 2010 financial year ($254,000), Stirling still managed to make several acquisitions such the $3.3 million purchase of a pathology business last September and another business for $511,302.
The company never got around to welcoming Jeremy Cocks, who it named as its its chief executive designate in May. In June, the company said it had ''not proceeded with formalising the appointment'' of Cocks.
