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Cellnovo (UK) goes into adminstration

Cellnovo Group SA, having announced that it is facing a delay in the large-scale commercial deployment of its new insulin infusion solution, needed to find additional financing. A release dated 26 March stated, ‘Within such context affecting its short- and medium-term financing, its operating English subsidiary, Cellnovo Limited, employing 92 staff and located in Bridgend, Wales, has obtained the appointment by a competent English court of two representatives of RSM Restructuring Advisory LLP as “administrators”. In the interest of Cellnovo Limited’s creditors and partners, they intend to continue contacts initiated with strategic partners and investors in order to protect the value of the assets.’

We’ll report further on customer support information when we have it. www.cellnovo.com

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