Inside Biometrics, which specialised in health-monitoring technology for people with diabetes, earlier this year won the innovation category at the Scottish Life Sciences Awards for its KEYA device that measures blood glucose and ketone levels.
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However, administrator Chris Laughton, corporate advisory partner at accountant Mercer & Hole, was called in after the business ran out of cash and risked having to close its doors, threatening the jobs of its 35 staff.
Inside Biometrics, which supplies its health tracking devices to the Sky cycling team, has now been acquired by a division of GlucoRx, a supplier of diabetes products and glucose-testing solutions.
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Laughton, who highlighted the work of Highlands & Islands Enterprise in sealing the deal and maintaining skilled research and development work in the region, said: “Inside Biometrics had succeeded in delivering a significant new product to market.
“I am delighted as administrator to have been able to sell the business and assets, generating value for creditors while preserving employment.”