Epichem Pty Ltd - Voluntary Liquidation

Epichem Pty Ltd, one of Australia's leading chemistry services and contract research organisations (CRO), entered voluntary liquidation on 31 July. Based in Perth, the company had recently lost a significant research contract with the Drugs for Neglected Diseases initiative (DNDi) , resulting in operating losses that had to be funded by its parent company, PharmAust Limited (ASX:PAA). The lost contract exemplifies the headwinds facing the Australian pharmaceutical industry, with a significant amount of research being awarded to overseas CROs who can produce similar work for a reduced cost. David Hodgson and Andrew Hewitt of Grant Thornton were appointed joint liquidators.