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Despite its success, being recognised as one of the top three antibody engineering companies in the world, a potentially lucrative licensing deal signed, and a promising pipeline of products, Scotgen was unable to raise finance in the United Kingdom.
The Company obtained $7 million dollars of investment from US private investment through a merger with a Californian company Vasocor to establish Scotgen Biopharmaceutical Inc, in Menlo Park, California, the investment requiring Head Office to be sited in the USA and recruitment of USA management. While $2 million dollars was raised in the following year, the Management failed to deliver an additional $7 million dollar investment. This, coupled with greatly accelerated expenditure on non-core business activities forced the Company into hibernation in April 1995, closing down all operations and leaving considerable debt in the U.K. Dr. Fildes was retained to dispose of assets. The licensing agreement with Smith Kline Beecham was terminated in January 1997 and the Company filed for liquidation under Chapter 7 in the USA later in 1997. The fate of partially developed products is unknown and all patent applications seem to have been abandoned.
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