The administrators appointed at Cellnovo Ltd., the Cellnovo Group (“Cellnovo” or the “Company”)’s UK subsidiary, have concluded an initial analysis and have actioned a restructuring plan to focus all activities on identifying strategic partners and financial investors. As a result, a core group of existing employees from the Research and Development department will be tasked with pursuing these objectives. Production and commercial operations, including sales and marketing activities, have been discontinued.
As of this week, systems will no longer be made available to new patients. The commercial team will be working closely with partners and distributors to ensure as smooth a transition as possible for patients and their healthcare teams.
Sophie Baratte, Chief Executive Officer of Cellnovo, has commented, “This is not a decision that was taken lightly but it is the only option that is available to us today. Our biggest priority has always been patients’ well-being and we will continue to do our utmost to support a smooth transition for patients and clinicians. We are grateful to all those who helped us to bring our innovative diabetes management platform to the market, particularly the clinicians and patients who believed in the benefits of this novel system. We are also thankful to our distributors and partners who shared our passion and brought their professionalism to the service of our commercial activities. Unfortunately, we were unable to withstand the pressures of the competitive environment and the challenges of rolling-out a breakthrough system at a sustainable cost. We will now focus our efforts on leveraging the potential of a unique product and the value created over many years by an exceptional team.”
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