A $58 million deal to bail out the failed Australian arm of Ellume, a once soaring biotechnology star supplying COVID-19 tests, has fallen over.
The financial lifeline had been proposed by a Gold Coast firm with controversial links to testing, but Ellumes administrators said it failed to come up with the required funds.
Ellume founder Sean Parsons with a home COVID test in 2020. Attila Csaszar
It means Ellumes Australian arm the head of the group has tumbled into liquidation, costing at least 40 jobs and imperilling almost $200 million in creditor claims. The Australian business owned the shares in its North American subsidiary, which is not in administration and has a contract with the US Depart…
Read the full article at: https://www.afr.com/companies/healthcare-and-fitness/ellume-s-58m-bailout-fails-as-rival-misses-deadline-20230615-p5dgu3
