Tuesday 26th April 2011
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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.
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