The Galician biomedical company Euroespes is seeking pre-bankruptcy

The The biomedical company Euroespes has applied for pre-bankruptcy. The Bergonde-based and BME Growth-listed company sent a statement to the market reporting the decision taken by its board of directors at its latest meeting. The goal is to start negotiations that allow you to restructure your debt with creditors, who It will also affect the invested company Euroespes Biotecnología.

In a statement, the Bergondo company assures that the reason why they made this decision is that they did not generate the expected money due to the delay that occurred in various “enterprise actions to generate additional resources”. In addition, they also point to the recent failure they reaped during the renegotiation of their financial debt. “After a detailed analysis of this situation, taking into account the criteria of prudence and diligence, and in order to protect all affected interests, the Management Board decided to request opening of negotiations with the creditors of Euroespes and the investee company Euroespes Biotecnología with the aim of refinancing the debt”, they state in the press release.

In 2018, the Moira Capital fund took control of the biomedical company, for which they then had to allocate 5 million euros. Two years later, Euroespes received a patent for its product Atremorine, intended for the prevention and treatment of Parkinson’s disease. In their portfolio they also have well-known sa Makalisex, known as Galician viagra. But not long after that, things went wrong. According to calculations for the first half of last year, the financial debt of Euroespes exceeded 5.1 million euros. This Monday, the company’s shares —which have been listed on BME Growth for twelve years— were trading for less than 50 cents (specifically, they closed the session at 0.448 euros).