Yesterday I reported the news of Cellnovo going into administration. Cellnovo produce one of the insulin pumps in the Australian market (it was introduced here at the end of 2017). In the latest press release from Cellnovo we’re now told that:
the group will discontinue all manufacturing and commercial activities, effective immediately.
As of this week, systems will no longer be made available to new patients. The commercial team will be working closely with partners and distributors to ensure as smooth a transition as possible for patients and their healthcare teams.
A core group of R&D employees have been tasked with working on “a restructuring plan to focus all activities on identifying strategic partners and financial investors”.
That really sounds to me as though liquidating the company is an option they’re considering.
At the tail end of the press release in the “About Cellnovo” template block it says:
Cellnovo is currently participating in several major Artificial Pancreas projects with TypeZero, PEPPER and Diabeloop, to develop fully automated, closed-loop insulin delivery systems.
I think they meant to update this to “was participating”.
Not everyone liked the Cellnovo system, but it’s sad to see a player in this market collapse, and those people who use it to administer their insulin 24/7 will now have a scramble to find a new system. I expect MSA will be making announcements to its Australian customers soon.