Two former directors of collapsed biotechnology firm Henderson Morley have bought the assets of the business in a £120,000 deal.
Andrew Knight and Ian Pardoe, previously on the board of the failed Moseley firm, are directors of Dawnglow which has bought the assets from administrators.
The Birmingham Post reported earlier this month that shares were suspended at Henderson Morley, which develops anti-viral drugs, vaccines and biological products, after a funding crisis saw it plunge into administration despite directors ploughing significant sums into the business.
Dawnglow has agreed a deal for £105,000 for the firm’s patents and a further £15,000 for laboratory equipment, office equipment and furniture.
The deal also includes 25 per cent of any revenues generated by the patents in the first 12 months and 10 per cent in the following six months.
The medical biotechnology sector in the UK consists of 777 companies with a combined turnover of £4.2 billion and employs more than 24,000 people.
More than 60 per cent of biotechnology companies in the West Midlands turn over more than £1 million.