WESTON Medical, the Suffolk drug company which developed a single dose, needle-free injection system, has gone into administration with the loss of 84 jobs.
WESTON Medical, the Suffolk drug company which developed a single dose, needle-free injection system, has gone into administration with the loss of 84 jobs.
Administrators were called in to the company on Friday and 84 employees from Weston Medical's 101 staff employed across its three sites in Stradbroke, Harleston and Cambridge have been made redundant.
Jane Moriarty and Allan Graham of KPMG Corporate Recovery were appointed Administrators to the company which developed the Intraject product – a single dose, pre-filled disposable needle-free liquid injection system.
Shares in Weston Medical were suspended on February 25 following an announcement to the Stock Exchange.
Ms Moriarty, KPMG Corporate Recovery Partner said: "The initial aim of the administration is to successfully conclude the clinical trials that are due to take place on the Intraject product during April this year.
"Once those tests have been completed, we hope to either seek a purchaser for the business or to source additional investor funding to allow the product to be marketed to drugs companies in a commercially viable way."
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