Ellume owes investors, staff and other creditors almost $140 million, while administrators try to calculate the value of its US business.
. Slides presented to creditors on Monday indicated the company had $37 million in plant and equipment assets, on top of $2.5 million in cash. It is owed less than $1 million by debtors and its inventory assets were still being calculated.
Despite the company’s value being tied to the US contract, the convertible notes were issued by the Australian business.The company continues to trade, with administrators working to either recapitalise the business via a deed of company arrangement, or sell it. Administrators revealed they had secured a funding agreement to support the continued trading of the company via an unnamed third party.Founded by clinical care clinician and 2020 Brisbane Young Entrepreneur of the Year Sean Parsons after seeing a need for rapid diagnostic solutions during the 2009 swine flu pandemic, the business has invested more than $300 millionBut it issued a
in October last year, affecting 2.2 million of its COVID-19 home-testing kits, because of a faulty component affecting 3.3 per cent of its kits.One notable Ellume investor is its director, entrepreneur Paul Darrouzet, who made his fortune selling a stake in Anglo American in 2007.it did so without a valuation. But, investor sources at the time pegged it at anywhere between $500 million and $1 billion.
is an award-winning senior journalist who writes on technology, healthcare and occasionally covers Street Talk from our Melbourne newsroom.
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