An Australian Covid-19 rapid testing company has collapsed into liquidation just three years after making international headlines for securing a multimillion-dollar deal with US health authorities.
On Tuesday, the Australian division of brisbane-based biotech Ellume went into liquidation.
The floundering business had been in the hands of administrators since August last year. They were ultimately not able to come to a solution and made the decision to wind up the company for good on June 13.
An estimated 40 employees are understood to have lost their jobs.
Ellume was founded in 2009 by Dr Sean Parsons. The biotech company’s operations in the US are separate and are not affected by the liquidation proceedings.
At the time of the administration, news.com.au reported that $140 million was owed to creditors.
Ellume appointed John Park and Joanne Dunn of restructuring firm FTI Consulting as administrators. They now act as the company’s liquidators.
The company reportedly collapsed after a $58 million deal with an interested buyer fell through.
Hough Consolidated Pty Ltd, a diagnostics business that supplies self-test kits for Covid-19, was looking to buy Ellume outright, including retaining all its employees.
Hough agreed to pay…