Belfast clinical trials firm Bio-Kinetic Europe enters administration
BELFAST-based clinical research organisation Bio-Kinetic Europe has gone into administration.
At the forefront of early phase drug development for over 20 years the company, which conducts clinical trials for pharmaceutical firms, employs around 60 people at its medical laboratory on Great Victoria Street.
The late cancellation of a number of "key clinical trials" has been cited as one of the main reasons for directors Crawford McClean and Dr David Bell placing the firm into administration. At this stage the future of staff members remains unclear.
Insolvency practitioners James Neill and Rachel Foster of HNH Group will manage the company's affairs, business and property as its agents.
Managing director of HNH Group, James Neill said the "immediate priority" is to communicate with the key stakeholders of the business, including employees, suppliers and customers.
“The late cancellation of a number of key clinical trial projects, for reasons beyond the control of management, has resulted in significant working capital pressures within the business. The directors have subsequently had to make the difficult decision to place the company into administration.
“We are currently undertaking an immediate assessment of the financial position of the company and its assets. Once this is complete we will have a clearer picture of the future options available to the company.”
Bio-Kinetic Healthcare Limited, a fully owned subsidiary of Bio-Kinetic Europe Limited, continues to trade and is unaffected by this process.