A start-up business that is aiming to revolutionise the way that diabetes is monitored and managed is seeking a buyer after entering administration.
Orsus Medical Limited was formed in Chepstow in 2015 to bring to market a smartphone-enabled wristband that can continually monitor glucose levels in real time by using microwave technology, eradicating the need for blood tests to diagnose the condition.
The firm – which employs nine people – has undertaken multi-million pound research in developing the wristband’s sensors and trialing the proof of concept on people with type 1 diabetes to prove that the technology works.
The firm recently entered financial difficulties after exhausting working capital and being unable to raise further investment due to commercial and contractual constraints.
Lee De’ath and Stephen Ramsbottom from insolvency and restructuring firm CVR Global LLP, who have been appointed as Joint Administrators of the company, are continuing to trade the business and are actively seeking to rescue the company while retaining all staff.
The administrators are currently trading the company and are actively marketing the business with a view to achieving the best outcome to stakeholders and saving the jobs of nine members of staff.
Orsus Medical Limited’s executive team is made up of Professor David Onions, Dr Sabih Chaudry, John Hirst and John Shillingford.
Dr Sabih Chaudry, CEO of Orsus Medical Limited, revealed that the firm is on a long-term journey to making their technology a reality.
He said: “We have spent the last three years working on developing sensors that allow us to determine the blood glucose from the intrinsic nature of blood, using techniques and technologies adapted from the rf/microwave engineering sector.
“During 2018 we used one of our sensors in a clinical trial at a leading diabetes test facility in Germany.
“Although we are still analysing the data, preliminary results indicate that we are on the right track to developing a continuous real-time monitor. We do, however, anticipate some further optimisation of the sensor in order to improve its robustness and measurement sensitivity.
“We expect this process to take six to nine months, after which we will be able to start the pre-commercial product development phase.
“This development phase is expected to last 18 months, punctuated with clinical trials to evaluate product iteration, internal verification and validation testing.
“At the end of this phase the product will be ready for compliance testing and multi-site large scale clinical trials.”
Lee De’ath, partner at CVR Global LLP, added: “It is always disappointing to see a company developing such potentially life changing and even life-saving technology go into administration.
“We are however hopeful that we will find a purchaser for the business and its assets and that the business will continue. Marketing is on-going and we or our agents would encourage any interested parties to contact us as soon as possible.”
