The future of Medlab is expected to be settled next month as its board and external consultants begin studying offers to buy, partner or fund the business.
Submissions of non-binding indicative offers will be discussed on Friday ahead of a due-diligence period which concludes on April 10, when final binding offers must be tabled by interested parties.
Hall Chadwick, drafted in by Medlab last month to assist with the process, said it hopes to finalise a deal before the end of April.
In an update to the ASX, the consultancy firm said it is in discussions “with a number of domestic and international parties regarding their interest in MDC and its assets”.
Hall Chadwick said it is working “under the board’s guidance” to find a buyer, strategic partner or cornerstone investor.
Other possibilities include merging Medlab “with one or more companies”, while the “purchase of the corporate shell with its securities admitted for quotation with the ASX” was also an option.
The operations earmarked as “available” are the listed corporate entity, Medlab’s NanoCelle platform and associated products and patents, R&D ventures with respect to new pharmaceutical products, nutraceutical products that are ready for sale, intellectual property and intangible assets and ongoing licence agreements.
A marketing campaign to tout the business began earlier in March in Australia, Europe, North America and Asia.
Four directors have left the firm since the end of February with Medlab shedding 78% of its workforce after running into financial strife. Hall Chadwick said the company is operating with nine “critical personnel for the purpose of the restructure”.
The consultancy firm reiterated that Medlab is not in “any form” of formal insolvency or in voluntary administration.
