Fluxome solvency hinges on omega-3 funding02 October 2012
Resveratrol manufacturer Fluxome faces a “funding crisis” and could be bankrupt in 2-3 months unless it can secure investment to pay for a switch to omega-3 production.
Jarne Elleholm, Fluxome’s chair said that bankruptcy of both its Danish and US operations would be the likely result if 3-4 potential investors did not support its transition into the supply of omega-3 extracted from yeast.
“We are speaking with 3-4 interested parties including industry players and capital funds and expect to have a clear picture on how to move forward in 8-12 weeks,” Elleholm told NutraIngredients.
Fluxome, which is owned by venture capital firms in Denmark, Belgium and France, has applied to the Danish courts for a “formal reconstruction” of its business – a process that will take 8-12 weeks to resolve. The firm’s Danish office remains closed but Ellholm said that its US operations are unaffected by the court action.
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