York Pharma (AIM: YRK), whose shares have been in suspension since March 31, 2009, reported this morning that it had been forced to appoint administrators for the company after it failed to secure additional funding.
The pharmaceutical minnow which supplies products to wholesalers, hospitals and practitioners, appointed Andrew Poxon and John Malcolm Title of Leonard Curtis in Lancashire as administrators.
A previous announced US$1 million short term loan, of which US$750,000 remains outstanding and repayable by 29 July, provided by Uluru, Inc, has been assigned to RH Acquisitions Limited.
“York has been actively pursuing alternative funding facilities in order to repay the Loan and to enable it to meet its ongoing working capital requirements. Unfortunately these efforts have not been successful and the Board has concluded that any potential transactions which might have provided additional facilities could not be completed within the time available before exhaustion of the Company's cash resources,” the company stated.
“As a result, the Board has taken advice and, with regret, no longer believes that the Company is in a position to continue its operations. It is expected that the appointment of Administrators by the Company will formally occur later today, following which the Administrator will take such measures as they believe appropriate relating to the Company and its assets.”
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