Sharechat Logo

Demise of SCF halts work on hepatitis C cure

Tuesday 26th April 2011

Text too small?

A company working on a cure for hepatitis C has been forced to close because of South Canterbury Finance's (SCF) receivership.

Blenheim-based pharmaceutical company Biocorp owed SCF $13.6 million and was placed into receivership by SCF's receivers on February 1, The Timaru Herald reported.

Former SCF chairman Allan Hubbard, who had a 10% shareholding in Biocorp, earlier told the National Business Review it was working on a cure for hepatitis C.

It had planned to hold clinical trials in Egypt but political unrest meant they could not go ahead.

Biocorp's receivers Jeremy Morley and John Fisk said it was placed into receivership because it defaulted on repayments to SCF.

The company owned property including land, coolstore industrial buildings and various plant and equipment at the Cloudy Bay business park in Blenheim.

SCF was placed in receivership last year after it failed to find an equity partner to shore up the company and $1.6 billion was paid out under the Government guarantee scheme.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto