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Safeguard Biosystems - Administration
Safeguard Biosystems, a US-based medical testing start-up, had its business and assets purchased out of administration on 22 October.
The company’s technology seeks to increase the speed and accuracy of testing for sepsis by removing the ‘culture’ step in the diagnostic process.
Safeguard Biosystems has 39 patents globally and 92 more pending. The company was still developing its products and was unable to access further funding with its current capital structure, leading to a need for rescue capital or a sale of the business or assets.
Lee Manning and Simon Jagger of ReSolve were appointed joint administrators on 17 October and completed a sale to Safeguard DX on 22 October, with all the company’s employees transferring to the purchaser.