Last week, University of Twente spin-off Medimate went bankrupt for the second time. In 2015, the lab chip company was saved by serial entrepreneur Gerard Sanderink. Now, Sanderink himself is the cause of the bankruptcy, according to the regional newspaper Tubantia. Reportedly, he was willing to continue as an investor, but with one condition: his ex-girlfriend would have to step down as a shareholder – an offer she refused. After two months without pay, two employees filed for insolvency.
Founded in 2006 as a PhD project spin-off, Medimate has developed a microfluidics-based solution for bipolar patients to monitor blood and urine while at home. This is to ensure that they can maintain safe levels of lithium and creatinine, which can be toxic if not controlled. In 2014, the company’s leadership got into a disagreement, after which insurance corporation Achmea backed out as an investor. Seeing big potential for the technology, Sanderink stepped in a couple of months later.
Medimate is now looking for 1.5 million euros to take the final step to the market, board member Steven Staal said to Tubantia. According to him, the solution is certified and ready, having been successfully tested at five mental healthcare institutions, and the company needs this amount for a large-scale roll-out of sample kits. Sanderink has told the administrator that, this time around, he’s not interested in coughing up the money – at least, for the moment.