Ardana calls in administrators to find a buyer

Anyone looking for fresh signs of the faltering state of the U.K.'s biotech industry need look no further than Ardana. Unable to engineer a speedy refinancing, sale or merger, the Scottish developer--a specialist in reproductive health--brought in the administrators to run the company and suspended trading of its shares. Analysts say the credit crunch has helped make investors timid when it comes to high-risk biotech companies, making it exceedingly difficult to raise funds or find buyers.

"The board of Ardana has taken advice and with great regret no longer believes that the company is in a position to continue its operations," stated Ardana. "It is expected that the appointment of administrators will formally occur later today, following which the Administrator will take such measures as they believe appropriate including continuing to seek a buyer for the Company and its assets."

- see Ardana's release
- read the story from Hemscott