Provalis to enter into voluntary liquidation

Provalis has revealed it has agreed to sell its medical diagnostics business to Biometrics and now plans to enter voluntary liquidation.

Having already sold the pharmaceutical healthcare business, the Flintshire-based company focused on resolving technical issues surrounding its in2it diabetes blood glucose level tester. However, despite Provalis’ assertions that the product is marketable, it has found itself in the position that it no longer has sufficient resources to relaunch in2it.

The company has said that the best option left for shareholders is to sell off the remaining medical diagnostics business and enter the company into liquidation. The news follows last month’s announcement that the company had sold its vaccine candidates for streptococcus pneumoniae to Sanofi Pasteur MSD.

Dr Alan Aikman, Provalis’ non-executive chairman, stated: “The executive team has worked very hard to achieve this outcome in difficult circumstances.”

“Having explored a number of options including partnering arrangements and the possible sale of individual products, we believe that the disposal represents the best option to obtain value for the medical diagnostics business and to secure the best result for shareholders as well as employment for the vast majority of the group’s employees,” he added.

Provalis will cancel its listing on the London Stock Exchange. The company’s directors estimate that the net cash assets of the group following the sale of its diagnostics arm will be 1.7 million pounds, which will be split between the company’s shareholders at 0.4 pence per share.

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