Distressed Assets Media Centre
17 February 2010
Biotechnology company Narhex Life Sciences collapses, but sector looking stronger
Source: SmartCompany
Struggling Melbourne anti-HIV drug developer Narhex Life Sciences has been placed in administration after a long battle for survival, three months after the death of its executive chairman.
Narhex, based in Melbourne, started researching anti-HIV drugs in 1990 and listed on the ASX in 2005, raising about $8 million.
The company is currently developing its HIV drug in a joint venture with a Chinese company, but administrator David Ross says cashflow problems eventually forced the company to call in the administrators.
The company was suspended from trading on the ASX in March 2008 and did not resume trading before its collapse on February 10.
David Ross and Richard Albarran of Hall Chadwick have placed the company up for sale, offering its patents and licences and the listed ASX entity.
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