Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Life sciences firm 4D Pharma in administration

Post Thumbnail

Drug company 4D Pharma is in administration after its lender suddenly pulled the plug on its support and demanded its money back.

The London-listed company, which does much of its research in Aberdeen,  announced earlier today that trading of its shares was suspended pending a further announcement.

That announcement came at 6.22pm, with 4D Pharma revealing details of its financial woes.

It follows a deal last July that saw the firm secure a line of credit worth up to $30 million – about £24.4 million at today’s exchange rate – from Oxford Finance, which provides capital for healthcare and life sciences companies globally.

4D Pharma immediately drew down £10.2m of this to support drug research and development.

Labwork being undertaken by biotechnology firm 4D Pharma.

In this evening’s update to the London Stock Exchange, 4D Pharma said: “The board has been exploring opportunities to secure additional funding for the company in recent months.

“This has proved challenging but significant progress had been made, despite the very difficult prevailing market conditions.

“The board had made Oxford aware of this and discussed a potential funding alternative on the evening of June 23.

Immediate repayment demand

“On the morning of June 24, Oxford demanded immediate repayment of the outstanding loans made to the company, which currently total approximately US$13.86m (£11.3m), inclusive of accrued interest and associated fees.

“The company is not able to make that immediate repayment from its existing cash resources.

“With no immediate certainty of how that repayment could be made, the board requested that trading in the ordinary shares be immediately suspended pending clarification of the company’s financial position.”

4D Pharma added: “Subsequent to the suspension, the board was informed that Oxford had today instructed that the company be placed into administration, in accordance with the terms of the facility.

“Accordingly, James Clark and David Pike of Interpath Advisory have been appointed as joint administrators.”

Four wholly-owned subsidiaries – Aberdeen-based 4D Pharma Research, 4D Pharma Cork, 4D Pharma Leon SLU. and 4D Pharma Delaware Incorporated – are not in administration, the firm said, adding: “The board intends to work with the joint administrators on proposals to rescue the company as a going concern, albeit there can be no guarantee that this will be successful.”

Foresterhill research

More than 30 researchers are involved in the discovery and pre-clinical testing of drugs in 4D Pharma’s Aberdeen operation, at Foresterhill, although the group’s head office is in Leeds.

The company is focused on live biotherapeutics, a relatively new group of medicines that use bacteria in the human body – the microbiome – to tackle disease.

Already a subscriber? Sign in





Please enter the name you would like to appear on your comments. (It doesn’t have to be your real name - but nothing rude please, we are a polite bunch!) Use a combination of eight or more characters that includes an upper and lower case character, and a number.

By registering with [[site_name]] you agree to our Terms and Conditions and our Privacy Policy

Or sign up with

Facebook Google



Or login with

Forgotten your password? Reset it