Medical Device Firm MEON Medical Solutions Files for Restructuring
The Alpenländische Kreditorenverband (AKV) has announced that a restructuring process without self-administration has been filed for MEON Medical Solutions GmbH & Co KG at the Regional Court of Graz, Austria. The move comes as the company navigates challenges in bringing its innovative diagnostic device to market.
86 employees and 66 creditors are affected.
Liabilities amount to approximately EUR 19.92 million.
Continued operation and restructuring of the company are planned.
Company Details
MEON Medical Solutions GmbH & Co KG was founded in June 2012 and is located at Neue Stiftingtalstaße 2, 8010 Graz, Austria. MEON Medical Solutions GmbH serves as the general partner. DI Dr. Horst Rüther is the managing director.
The company is a research and development firm focused on a device capable of performing immunoassay, clinical chemistry, and electrolyte tests in a single, compact unit. This technology aims to consolidate multiple laboratory analyses, reducing the space and equipment traditionally required. A key feature of the system is a unique technology allowing for the reuse of cuvettes, enhancing its sustainability compared to conventional methods.
Numerous patents have been filed related to this technology. While the device is fully developed, it has not yet achieved market readiness due to pending approvals and the lack of an established distribution system.
Reasons for Insolvency / Financial Situation
The company attributes the insolvency to a longer-than-anticipated development timeline for the product. Significant further investment is needed to complete the necessary steps for market launch, including securing approvals and building a sales network. The company had been pursuing investment to address these challenges, but discussions have not yet resulted in a finalized agreement. Currently, MEON Medical Solutions is unable to meet its financial obligations, resulting in a state of insolvency.
The company’s liabilities are valued at EUR 19.92 million, with a substantial portion consisting of bank debts and obligations to related parties. Assets available for liquidation are valued at EUR 1.13 million.
Next Steps
The plan is to continue operations and restructure the company, with funding for continued operation to be provided by a third party. Creditors are currently being offered a plan meeting the statutory minimum requirements (20% within 2 years).
Claims can now be filed through the AKV.
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Contact Information
AKV EUROPA
Alpenländischer Kreditorenverband
Office Graz
Tel: 05 04 100 – 8000
Mag. Wolfgang Schukle
Tel: 05 04 100-8000
