LONDON Developer and manufacturer of light-emitting polymer microdisplays, MicroEmissive Displays Group plc (Edinburgh, Scotland), plans to appoint administrators following unsuccessful attempts to raise further funds.
The company said late September that its cash position was very weak and that it could run out of money in December.
MED added it was considering strategic options for the company, including a sell-off the company.
In a statement Thursday (Nov. 20) MED said "after extensive negotiations with potential funders, the company has exhausted all strategic and financing options available to it."
The company is hopeful that interest in its eyescreen micro miniature technology will attract a potential buyer.
But it added that "despite this interest, the severe slowdown in the demand for consumer electronics has negatively impacted the conversion of this interest to sales and revenue."
In its results statement September 30, MED said it had made good progress in bringing up volume manufacturing at its facility in Dresden.
Nonetheless the company said it had burnt through nearly half its cash and cash equivalents. These stood at £2.1 million (about $3.7 million) on June 30 and were down to £1.3 million (about $2.3 million) on Sept. 29, the company said.