Calcivis, an Edinburgh-based company specialising in technology to detect early tooth decay, has entered administration and ceased trading after failing to secure a buyer or further funding.
Calcivis was founded in 2012 by chief executive Adam Christie and chief technology officer Bruce Vernon to commercialise technology developed by Chris Longbottom and Nigel Pitts at the University of Dundee.
The company developed the Calcivis Imaging System, which uses a light-emitting protein that reacts with calcium released as teeth lose minerals to identify areas of early damage.
The system was the result of more than five years of research and development, including clinical studies in Scotland and testing with dental practices across the UK, before its launch in the UK in 2018.
Calcivis subsequently sought to expand into the US, raising £4.5m in 2019 in a funding round led by angel investment syndicate Archangels and supported by the Scottish Investment Bank. By then, Calcivis had raised more than £14m in equity and grant funding.
A further £5m funding round was announced in 2024, comprising £4m from the Scottish National Investment Bank (SNIB) and £1m from IFS Maven Equity Finance, managed by Maven Capital Partners.
However, the company was unable to reach profitability quickly enough and continued to experience pressure on its cash flow, according to The National.
Its directors sought a sale of the business and its assets, but despite interest in Calcivis and its technology, no viable sale or funding solution could be completed in time.
David McGinness and Judith Howson, of AAB Business & Tax Advisory, have been appointed joint administrators.
Mr McGinness said: ‘Calcivis developed a high-quality product with clear clinical application and significant work had gone into bringing that technology to market.
‘Unfortunately, despite those achievements, the company was not able to reach profitability or secure a sale or funding solution within the required timeframe.’
In total, SNIB committed £5m to Calcivis, of which £4.6m had been drawn down, according to The Herald. The bank accounted for £4.5m of its exposure in its recent annual report.
Archangels, which had backed Calcivis since 2012, said: ‘Despite the commitment of everyone involved, against the backdrop of challenging dental markets, Calcivis was unable to scale its commercialisation to build a sustainable business.’
Calcivis employed nine people in 2024, according to Companies House. The administrators said they would support affected employees in making claims for statutory entitlements, including redundancy pay.