The Brisbane-based rapid testing business that made global headlines when it inked a $300 million deal with the Biden administration for its COVID tests in the US has put its Australian arm into voluntary administration.
FTI Consulting confirmed on Thursday morning that John Park and Joanne Dunne had been appointed to Ellume Limited and would be looking at “the best path to secure the viability of the business”.
Ellume’s at-home COVID test created global headlines at the end of 2020 when it hit the US market. Credit: Attila Csazar
“The administrators will seek to maximise the chances of Ellume exiting the administration process in an orderly fashion. The administrators intend to trade the company on a business-as-usual basis, while we conduct an independent assessment of the financial position and ongoing viability of the business,” Park said in a statement.
Ellume also has a US company known as Ellume USA LLC and this entity is not subject to the voluntary administration. It will continue to trade as usual.
Ellume chief executive Dr Sean Parsons said the company had entered the administration process to “help determine the best course of action to secure and strengthen a future for Ellume”.
“We set out to spark a…