Diabetes tech firm rescued out of administration
A diabetes technology company has been rescued out of administration in a six-figure deal.
Nine jobs at Orsus Medical have been saved after Afon Technology agreed to purchase the company based in Chepstow, Wales.
Orsus Medical has developed smartphone wristband sensors which are capable of monitoring blood glucose levels in people with type 1 diabetes.
Lee De’ath and Stephen Ramsbottom of CVR Global were appointed as joint administrators in late March.
"The company traded in administration for 12 days while we sought a buyer for the business,” said De’ath.
"The accelerated marketing process generated a great deal of interest ultimately leading to a sale to Afon Technology Limited."
Former Orsus Medical CEO Sabih Chaudhry has been appointed as CEO of Afon Technology.
"It was really unfortunate that Orsus went into administration which primarily resulted from the company’s lack of fundraising ability due to contractual constraints,” he said.
"The new owners were well aware of Orsus and the potential of the project so this was really a no-brainer for them. They acquired the assets, all the IP and, more importantly, the team.
"Orsus Medical will no longer be a trading company, however the name and associated trademarks have been acquired by the new owners."