Bust life sciences firm owed £1.89m

NEWCASTLE life sciences company fell into administration owing £1.89m to unsecured creditors, documents show.

- COREENA FORD Business writer [e-mail]

AMLo Biosciences Ltd (AMLo) was forced to call in administrators in June after a three-month battle to find fresh investment came to an end.

The company had been launched as a Newcastle University spin-out in 2017, specialising in a pioneering early-stage skin cancer test.

Its diagnostic test allowed clinicians to ascertain whether early stage melanomas are at low-risk of progression.

However, new documents filed by joint administrators Christopher Petts and James Hichens at Grant Thornton reveal the chain events that led to the firm's demise, starting with a failed investment round when a new investor pulled out.