NEW YORK, April 14 (GenomeWeb News) - Scottish company ExpressOn, which makes gene-blocking antisense products, is in the process of shutting down operations in the wake of a failed deal with Cambridge-based Medical Marketing International to fund further commercialization of ExpressOn's products, according to a news report.
All seven of ExpressOn's staff have been laid off, according to the report, which appears in the online version of the International Herald Tribune.
"The whole round was contingent on closing at £1 million ($1.9 million)," Peter Estibeiro, ExpressOn CEO told The Herald. "Seventy percent of the cash had been secured, including 300,000 from the Scottish Co-Investment Fund. MMI's official position is that the decision is not a definitive one, but directors have lost confidence that the deal will close and have taken the decision to begin winding-up proceedings," he said.
The chance of the deal actually coming through is "vanishingly small," Estibeiro said.
ExpressOn did not immediately return phone calls seeking comment.