University of Southampton spinout Exosect has been put up for sale by Hilco Streambank in an effort to salvage the pest and disease control technology producer.
Exosect, a UK-based food safety spinout of University of Southampton, is seeking bids for its business and assets in order to emerge out of administration.
Advisory firm Hilco Streambank has been instructed to handle the bidding process, with a deadline for submissions of November 16, by the joint administrators, Paul Masters and Conrad Beighton of insolvency firm Leonard Curtis Recovery.
The company was placed into administration on October 18.
Founded in 1999, Exosect has developed sustainable pest and disease control products aimed at the food supply chain. The spinout recently shifted its focus on out-licensing its Entostat technology through a deal with agrochemical producer Monsanto.
Exosect’s portfolio also includes a moth control product that is sold through distributors and currently used by clients including the Royal Opera Houses and the Houses of Parliament.
The spinout has raised more than £25m ($33m) in funding from investors including Oxford Capital Partners, WHEB Ventures, Entrepreneurs Fund and MTI Partners.
Nat Baldwin, director of Hilco Streambank, said: “Exosect has been a market leader in its specialised area for nearly 20 years. Exosect’s technology platforms deliver a unique mix of commercial and environmental benefits and are underpinned by an extensive suite of patents and formulations expertise.
“The team at Hilco Streambank has been conducting a comprehensive sales and marketing exercise which will continue over the coming weeks. We have received strong international interest in the business and expect a competitive bidding process.”