💔 Heartbreak in Swansea! Local medtech firm, Calon Cardio-Technology, is being liquidated, leaving creditors with over £5 million in the red. Famous for developing a cutting-edge implantable heart pump, the Swansea University spin-out had high hopes of revolutionising the treatment of severe heart failure. Sadly, the company couldn’t keep its pulse.
The firm entered administration last year, and despite efforts to resuscitate it through new investments or acquire it out of administration, the attempts flatlined. Now, the tables have turned, and the business is set to be liquidated.
The Development Bank of Wales and Swansea Council are out of pocket, with the bank’s loan of £1.6 million left largely unreturned. Longbow Capital and HMRC are among other creditors feeling the sting. Total deficit to creditors? A staggering £5.4 million!
What’s the silver lining? There’s a whisper of interest in Calon’s intellectual property, which includes its innovative heart pump technology.
Back in the day, Prof. Marc Clement, who chaired Calon, was hopeful the firm would bring 100 high-skilled jobs to Swansea. However, dreams of a £39 million acquisition deal fell through, leaving creditors and investors empty-handed.
Will this be the final chapter for Calon’s pioneering healthcare tech, or is there a chance someone will come to its rescue? Stay tuned as this story unfolds! 🩺❤️