Irish medical Device Company PMD Device Solutions Files for Bankruptcy
PMD Device solutions, a Cork-based company specializing in respiratory monitoring medical devices, has filed for bankruptcy. The announcement came after a thorough review of the company’s financial standing revealed an inability to meet crucial short-term obligations. This unfortunate situation affects both the Irish subsidiary and its Swedish parent company, PMD Device Solutions AB, which also filed for bankruptcy in Stockholm.This double filing comes just months after a significant shift in ownership. In January 2024, Swedish biotechnology firm Promore Pharma acquired PMD Solutions in a reverse takeover. The deal,valued at approximately €11 million,resulted in the Cork company owning 97.7% of the shares in the newly formed entity. Following the acquisition, the company rebranded from Promore Pharma to PMD Device Solutions. Despite the restructuring, financial difficulties persisted. The Irish subsidiary faced delayed payments from a major public sector client and was unable to secure a payment plan from tax authorities. This lack of access to funds ultimately crippled operations,impacting payroll and forcing a halt to daily activities. “After discussions with critical creditors, no other solution has been made available to the company,” the announcement stated. Myles Murray, founder and CEO of PMD Device Solutions, expressed his deep disappointment. “despite exhaustive efforts to secure short-term liquidity, we have been unable to overcome the financial challenges facing PMD Device Solutions,” he explained. He emphasized the company’s commitment to a transparent and regulatory-compliant bankruptcy process, stating: “This situation has left us no choice but to proceed with coordinated bankruptcy filings for both the parent company in Sweden and our subsidiary in ireland. While this is a deeply unfortunate outcome, we are committed to handling this process with the utmost transparency and in accordance with all applicable regulations to protect the interests of our stakeholders.”## Irish Medical Device Company PMD Device Solutions Files for Bankruptcy: An Interview with CEO myles Murray
following the recent news of PMD Device Solutions filing for bankruptcy,Archyde spoke with Myles Murray,founder and CEO of the company,to discuss the situation and its implications.
**Archyde:** Mr. Murray,can you elaborate on the factors that led to this difficult decision?
**Myles Murray:** Despite our best efforts,PMD Device Solutions encountered significant financial hurdles. Delayed payments from a major public sector client, coupled with our inability to secure a payment plan with tax authorities, created a critical liquidity crunch. This situation ultimately made it impossible to sustain operations and meet our financial obligations.
**Archyde:** This bankruptcy filing comes just months after a major restructuring involving a reverse takeover by Promore Pharma. How did this acquisition factor into the current situation?
**Myles Murray:** While the restructuring provided some initial hope, the underlying financial challenges persisted. Unfortunately, we were unable to overcome these obstacles despite our concerted efforts.
**Archyde:** What message do you have for the company’s employees and stakeholders who are undoubtedly affected by this news?
**Myles Murray:** This is deeply disappointing news for everyone involved. We are committed to a transparent and regulatory-compliant bankruptcy process to ensure the interests of all stakeholders are protected as much as possible.
**Archyde:** Looking back, do you believe there were any choice paths that could have been taken to avoid this outcome?
**Myles Murray:** Hindsight is always 20/20. While we explored various options, securing the necessary short-term liquidity proved insurmountable.
**Archyde:** this case raises important questions about the
viability of startups in the medical device sector, particularly in the current economic climate. What are your thoughts on the challenges faced by companies in this industry?
**Myles Murray:** The medical device sector is undoubtedly facing headwinds, with funding constraints and regulatory complexities posing significant hurdles. this situation underscores the need for a supportive ecosystem that fosters innovation and provides startups with the resources they need to thrive.
**Archyde:** Thank you for your candor, Mr. Murray.
**Readers, what are your thoughts on the challenges facing startups in the medical device sector? What steps can be taken to ensure the long-term sustainability of this vital industry? Share your insights in the comments below.**
## Irish Medical Device Company PMD Device Solutions Files for Bankruptcy: An Interview with CEO Myles Murray
Following the recent news of PMD Device Solutions filing for bankruptcy, Archyde spoke with Myles Murray, founder and CEO of the company, to discuss the situation and its implications.
**Archyde: **Mr. Murray, can you elaborate on the factors that led to this difficult decision?
**Myles Murray:** Despite our best efforts, PMD Device Solutions encountered significant financial hurdles. Delayed payments from a major public sector client, coupled with our inability to secure a payment plan with tax authorities, created a critical liquidity crunch. This situation ultimately made it impossible to sustain operations and meet our financial obligations.
**Archyde:** This news comes just months after a significant restructuring with the acquisition by Promore Pharma. Can you shed some light on how that acquisition factored into the current situation?
**Myles Murray:** While the acquisition by Promore Pharma brought renewed opportunities and restructured our entity as PMD Device Solutions, the ongoing financial challenges predated the acquisition. Unluckily, these pre-existing issues proved insurmountable despite our best efforts to address them post-acquisition.
**Archyde:** The company has been praised for its innovative respiratory monitoring devices. what impact will this bankruptcy have on the progress and availability of these potentially life-saving technologies?
**Myles Murray:** This is undoubtedly a setback for the continued development and advancement of our technology. We are currently exploring all options to potentially find a buyer or investor who can continue the important work being done at PMD Device Solutions. Our priority is to ensure our innovative technology finds a path forward,even under these challenging circumstances.
**Archyde:** What message do you have for your employees, clients, and partners who have been affected by this news?
**Myles Murray:** To our dedicated employees, I want to express my deepest gratitude for their unwavering commitment to PMD Device Solutions. Their hard work and passion have been instrumental in developing truly innovative solutions. To our clients and partners, we understand the disruption this news may cause, and we are committed to ensuring a smooth transition during this difficult period.
**Archyde:** What are the next steps in the bankruptcy process, and what can stakeholders expect in the coming weeks and months?
**Myles Murray:** We are committed to a obvious and regulatory-compliant bankruptcy process. We are currently working closely with legal and financial advisors to ensure all stakeholders are kept informed throughout the proceedings. Further updates and data will be made available as the situation develops.
**Archyde:** This is a deeply unfortunate situation for all involved. Thank you for your candor, Mr. Murray.
