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London-based pharmaceutical company Senzer has entered administration, after failing to get sufficient backing to drift on the Alternative Investment Market.

Professional providers agency Begbies Traynor has been appointed administrator of Senzer, which entered administration in early January.

Senzer developed and manufactured respiratory units for medical cannabis use. Its core product was a breath-activated inhaler that allowed low dose inhalation therapies with focused supply on to the respiratory tract.

The agency was additionally formulating therapies for Covid-19 utilizing accepted anti-viral prescription drugs.

City A.M. understands the company was getting ready for an IPO, however confronted investor issues that derailed the method.

Senzer couldn’t proceed as a personal company attributable to a scarcity of funding. After the flotation concept failed, the company confronted stress from collectors, one in every of which issued a proper demand for £335,000 by 14 December 2020, which Senzer was unable to pay.

The company, based in 2015, was nonetheless thought-about comparatively early stage, and lacked regulatory approval for its merchandise.

Julie Palmer, regional managing accomplice at Begbies Traynor, and one of many directors dealing with Senzer, mentioned: “It’s a very tough time for smaller corporations in the meanwhile making an attempt to get to request phases.

“It’s hard enough for bigger pharmaceutical players, but with smaller companies it’s more of a lottery.”  

High and dry: London medical cannabis company enters administration

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