Rescue plan for failed biotech company
A recapitalization plan for failed Queensland biotech Medigard has emerged a year after COVID-19 torpedoed the ASX-listed company’s fundraising efforts.
Business
by Glen Norris
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A recapitalization plan for failed Queensland biotech Medigard has emerged a year after COVID-19 torpedoed the ASX-listed company's fundraising efforts.
The Gold Coast-based company, which listed on the stock exchange in 2004, had developed a retractable syringe that was licensed to a Chinese manufacturer. But while the syringe experienced some success in international markets, sales were well below expectations.
In the three years prior to its collapse, the company had been exploring new medical injectable developments including a treatment for degenerative disc disease.