Troubled Victorian medical device startup Seer Medical has been placed in voluntary administration amid a product recall and legal battle with its ousted cofounder.
Lindsay Bainbridge and Andrew Yeo from Pitcher Partners Melbourne were appointed administrators on January 6 following a pre-Christmas board meeting where the medtech’s directors voted to hand over the books.
Pitcher Partners will keep the company operating as they prepare it for sale or restructure.
Bainbridge said the Seer Medical board placed the company in administration ahead of releasing its next generation model for EEG and ECG monitoring at home to detect epilepsy in the hope of finding the right partner to restructure.
“It is early days but we are undertaking a review of the company with the intention to present the business to market for sale or restructure via a deed of company arrangement,” he said.
“This is a good moment to restructure the business in readiness for the release of Seer’s new device. We will be working with the board and stakeholders to consider options and expect to release an Information Memorandum for the company by the end of next week.”