Ethicor Pharma

Part
01
of one
Part
01

Ethicor Pharma

Ethicor Pharma Ltd. was first incorporated on March 9, 2012 as a Private Limited Company. The registered number for Ethicor Pharma Ltd. was 07984824, and the business' SIC Code was 46460, which stood for wholesale of pharmaceutical goods. The company has never existed under any other name, but as of July 6, 2017, it does appear that the Ethicor was liquidated and the business closed down entirely, even though some sources still say that the company is active. For this reason, there are currently no mortgages or charges against the company, and the most recent reports available on the financial standings of Ethicor Pharma Ltd. are from June 30, 2016. When Ethicor was still an active business, it was headquartered in Chester, U.K. at 22 Nicholas Street, Chester, Cheshire West and Chester CH1 2NX, UK.

Directors and Management

All of the people that were listed on public websites were titled Directors. There are seven public names listed, and only one of these employees resigned during the time that the business appeared to be open and running. There are additionally four members on LinkedIn with profiles claiming to work for Ethicor Pharma Ltd. The job positions listed include Director, Chairman, Clinical Business Member, and Operations Director. Below are the seven names of the public directors listed online, and their respective hire dates:

- Robert Ward Jackson: March 9, 2012
- Richard Drury: March 9, 2012
- Timothy Martin Tickner: July 25, 2013
- Dr. Andrew Brodnick (resigned): November 1, 2014–December 10, 2015
- Dr. Malvin Leonart Eutick: January 30, 2015
- Sanford Robert Simon: February 5, 2015
- Kelechi Chizoma Edomobi: September 2, 2015

Deal History

On July 29, 2013, Ethicor entered into an agreement with Ligand Pharmaceuticals Inc. for a development and commercialization license. Ethicor was granted permission to develop and market an oral drug, Lasofoxifene, throughout Europe, Switzerland, India, Pakistan, and Bangladesh. This product was not yet licensed in Europe, Switzerland, or India whenever the contract was signed. Ligand ended the agreement for marketing of this drug in the beginning of 2017.

On November 15, 2013, Ethicor Pharma Ltd. was a licensee to RXI Pharmaceuticals Corp. in a sales and marketing agreement. RXi granted permission to Ethicor to distribute RX1-109, a drug used in the European Union for treating scarring on the lower abdomen. When the contract was signed, the drug was in Clinical Phase II testing.

Finances and Accounts

There are no public annual reports available for Ethicor Pharma Ltd. since the company was a private limited business. However, key metrics from 2013 to 2016 are available, and are listed below according to each year:

2013
Cash: £85,930.00
Net Worth: -£199,135.00
Total Current Assets: £185,864.00
Total Current Liabilities: £385,282.00
Turnover: £0.00

2014:
Cash: £2,317.00
Net Worth: -£123,407.00
Total Current Assets: £117,972.00
Total Current Liabilities: £162,581.00
Turnover: £0.00

2015:
Cash: Cash: £42.00
Net Worth: -£292,849.00
Total Current Assets: £209,639.00
Total Current Liabilities: £262,461.00

2016:
Cash: £1,507.00
Net Worth: -£735,255.00
Total Current Assets: £210,034.00
Total Current Liabilities: £314,819.00

Current Status

On multiple accounts, Ethicor Pharma was petitioned for a wind up (companies) by the Commissioners for HM Revenue and Customers, and by DTM Legal LLP. The timeline for these liquidation petitions is as follows:
- September 21, 2016: First Petition to Wind Up (companies) by the Commissioners for HM Revenue and Customers

- October 19, 2016: Petition to Wind Up (companies) by DTM Legal LLP

- February 8, 2017: The First Petition to Wind up (companies) by the Commissioners for HM Revenue and Customers is DISMISSED

- June 7, 2017: Second Petition to Wind Up (companies) by the Commissioners for HM Revenue and Customers

- June 7, 2017: Ethicor Pharma Ltd. is liquidated due to petition from DTM Legal LLP

- July 26, 2017: The Second Petition to Wind Up (companies) by the Commissioners for HM Revenue and Customers is DISMISSED

Conclusion

Based on the information about Ethicor Pharma Ltd. that was publicly available, it looks as though the business went bankrupt and could not pay back their debts. As a result, the company was liquidated in mid-July 2017 and is no longer an active business. When Ethicor was still up-and-running, it functioned primarily as a distributor and marketer of pharmaceutical products in the European and nearby countries. The company was never able to break-even or have a positive net worth, and this is likely the reason that they went out of business.
Sources
Sources