Business & Technology
Record-breaking UK biotech firm in near £3 million collapse
OxStem Limited, which was based in Park End Street in Oxford and founded by Oxford University scientists, was looking into ways of slowing down aging among other projects.
First founded in 2014, the firm announced a £16.9 million investment in 2016, with it representing a record amount for a UK academic spinout – a company designed to commercialise research – at the time.
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This was to fight age-related conditions such as cancer and neurodegenerative diseases including Alzheimer’s.
According to Fierce Biotech – which reported on the investment – this followed other firms which were looking to ‘cure old age’, with the money going towards developing small-molecule drugs that can activate repair mechanisms that already exist within the body.
Among those cited as founders of the firm were several Oxford University scientists including Professor Steve Davies and Professor Angela Russell.
Both individuals are associated with the Department of Chemistry.
Professor Davies said in 2016: “We are tackling many of the worst conditions associated with ageing: dementia, heart failure, cancer and macular degeneration, which is the leading cause of blindness in the developed world.”
In addition a number of subsidiary companies were founded including OxStem Ocular and OxStem Neuro, which have since either been dissolved or are also in liquidation.
In 2019, things seemingly remained positive for the firm with reports indicating that they were looking for funding so their ‘regenerative medicine strategy’ could advance to clinical trials.
However, following that, financial difficulties appeared and in 2022 liquidators from Quantuma Advisory Limited were appointed.
In its financial accounts to June 2021, OxStem revealed creditors falling due within one year of £2.7 million, although it also reported cash at the bank and in hand of £2.4 million.
At that time the average number of employees on the books was nine, with all staff having since been dismissed.
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Though the company had already collapsed, the liquidation proved more complex due to complexities around the selling of assets and because the University of Oxford has put in a creditor claim worth over £3m which is reportedly subject to arbitration proceedings.
As such, the liquidation process is still ongoing.
However, the deadline for those who claim to be owed money by the firm to prove their debts – which was set for June 19 – has since passed.
In particular this call was aimed at ‘unsecured creditors’, meaning an individual or business which has loaned money without taking collateral to secure the debt.
The popular shopping centre in Oxford’s Queen Street already has an exciting mix of shops on offer, from first-class dining options to familiar high street favourites and world-renowned brands.
Now, the Westgate has welcomed the latest addition to its retail offering, as David Clulow opticians opened on Friday, June 26.
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The eye health specialist store showcases the brand’s modernised retail format, with state-of-the-art testing rooms and improved accessibility.
It’s broad product range also includes designer frames from the likes of Chanel, Prada and Ray-Ban.
The store is the latest edition to David Clulow’s store collection which is hosted in nearly 30 cities and shopping centres across the UK.
The introduction of the new shop is the latest in a long line of recent Westgate comings and goings in recent months.
Shoe chain Russell & Bromley has departed its ground-floor store, leaving the unit empty, after the brand fell into administration.
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Similarly, Claire’s has also closed at the Westgate after the beauty and accessory brand also collapsed into administration.
Last month, the new Lego store opened on the ground floor of the centre, welcoming queues of shoppers at its grand opening event.
Oliver Bonas also recently moved from its home on the ground floor to a much larger unit on the middle floor, near the Queen Street and Bonn Square entrance.
The scheme, designed to support attendance at Armed Forces Day events, will be in effect across the UK on June 27 and June 28.
It applies to all Stagecoach services except those operated by Megabus, Transport for London and the Bee Network.
To access free travel, serving military should wear uniform or present a valid military ID card, and veterans should present a veteran’s badge or military medal.
Martin Gibbon, managing director of Stagecoach West, said: “Our Armed Forces have given so much to protect our country, and offering free travel over this weekend is just a small gesture of our immense gratitude.
“We want to make it as easy as possible for our service people, past and present, to attend local events and celebrate with their communities.”
Stagecoach’s ongoing support for the military community includes similar free travel schemes on Remembrance Day and Remembrance Sunday.
The company’s Veterans Network also offers a platform for veterans and service families within the business to connect and shape a more supportive workplace.
Stagecoach was awarded the Armed Forces Covenant Gold Award in 2024 in recognition of its commitment to supporting the military community.
Mr Gibbon said: “Through our Veterans Network, we are dedicated to ensuring Stagecoach remains a deeply supportive environment for the military community, both as passengers and as valued colleagues.”
Stagecoach has backed the Armed Forces Covenant since 2015.
Banbury-based Prodrive has joined forces with the British Motorsports Marshals Club (BMMC) in a new three-year partnership to back the more than 3,000 marshals represented by the BMMC.
Easily recognised by their trademark orange overalls, marshals play a critical role in the safe operation of racing events across circuits, rally stages, and hill climbs throughout the UK.
David Richards, chairman of Prodrive, said: “Motorsport simply wouldn’t happen without marshals.
“They are the backbone of our sport, giving their time, commitment and passion to ensure events run safely and successfully.”
The partnership will focus on raising awareness of the marshals’ work using the idea of ‘British Racing Orange’ and aims to strengthen the connection between the sport and its volunteer workforce.
It will also support the BMMC’s efforts to recruit, train, and equip new and existing marshals.
Chris Hobson, chair of the BMMC, said: “Marshals are one of the most visible and vital parts of motorsport.
“Our partnership with Prodrive will help us continue training and equipping marshals, helping them stay safe every time they are trackside.
“By working together, we can inspire more people to discover marshalling and join the BMMC.”
While Prodrive’s factory programmes compete globally across disciplines including endurance racing, rally-raid and beyond, the company remains deeply connected to the UK motorsport ecosystem and the marshal community that supports it.
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