CO.DON proceeds business operations as a GmbH (restricted liability firm)
LEIPZIG and TELTOW, GERMANY, Jan. 25, 2023 /PRNewswire/ — With influence from 20.01.2023, CO.DON’s enterprise pursuits will be continued in the lawful variety of a GmbH (restricted liability firm) next a transferring reorganisation.
The asset deal with Rejuvenate GmbH, a enterprise of the American-Chinese ReLive Group, concluded in October 2022 as a result of a structured M&A process, has now been successfully completed by the fulfilment of the suspensive contractual circumstances. Rejuvenate GmbH, which is now renamed into CO.DON GmbH, took about the operative small business and the cooperation with organization partners and consumers will keep on seamlessly. The former CO.DON AG executive board member, who has been top the enterprise as a result of the insolvency proceedings in self-administration, has been appointed controlling director of CO.DON GmbH. The remaining liquidation of CO.DON AG in the normal insolvency proceedings will be carried out by law firm Rüdiger Wienberg, who has now been appointed insolvency administrator by the insolvency courtroom. The asset offer was skillfully accompanied by Dr. Wieselhuber & Spouse GmbH underneath the leadership of the distressed M&A staff led by Jörg Balz.
Tilmann Bur, Controlling Director of CO.DON GmbH: “Many thanks to the professional support of the administrator, Mr. Rüdiger Wienberg, lawyer, and his crew led by Michael Döhner, attorney, as nicely as our advisors from Aderhold Rechtsanwaltsgesellschaft, led by Patrick Klawa, attorney, and Bianca Böttcher, attorney, the structured M&A course of action has now been introduced to this optimistic conclusion. As an important and integral element of the ReLive Team, there is a apparent vision for the potential of CO.DON GmbH. In addition to stable development in our current marketplaces, we are aiming for a robust global positioning in the subject of regenerative therapies.”
Dr. Zhao, Founder and CEO of ReLive: „With the acquisition of CO.DON, we are growing our long term-oriented business in the discipline of regenerative drugs with the only EMA-accredited mobile therapy products for cartilage repair service. With this transaction, we are continuing our R&D and organization advancement approaches to come to be a worldwide chief in tissue engineering and regenerative medication.”
Rüdiger Wienberg is delighted with the effective restructuring alternative: “Right after continuing organization operations considering the fact that the summer time of 2022, it was doable to employ a viable restructuring remedy underneath the most challenging financial circumstances jointly with the self-administration set up in the very best possible way by the restructuring experts from Aderhold. This not only secures the company’s know-how and areas in Germany, but also will save in excess of 90 % of the careers. This would not have been feasible without the need of the have confidence in of consumers, employees and suppliers on the a person hand and the help of the Federal Ministry for Financial Affairs and Climate Motion as effectively as the capable condition authorities in Saxony and Brandenburg on the other – I would like to categorical my sincere many thanks to all of them,” claims Wienberg. At the very same time, Wienberg is optimistic that “from an financial level of look at, this productive restructuring will also lead to a pretty good economic outcome for CO.DON AG’s collectors”.
CO.DON AG develops, produces and distributes autologous mobile therapies for the minimally invasive fix of cartilage flaws. The product or service staying promoted is a cell remedy merchandise for the minimally invasive therapy of cartilage destruction in the knee joint that uses only the patient’s very own cartilage cells (“autologous chondrocytes”). CO.DON’s method is at the moment used in over 200 clinics in Germany and a lot more than 18,000 patients have previously been dealt with. In July 2017 CO.DON AG acquired central EU promoting authorization for this solution, adopted by the promoting authorization for Switzerland in March 2019. At the Leipzig site, CO.DON has built 1 of the biggest facilities for the generation of human cells on an industrial scale for in-dwelling and agreement producing. Controlling Administrators: Tilmann Bur / Chen Li.
More facts is obtainable from www.codon.de.
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Source CO.DON GmbH