Administrator updates on Scotia Holdings

In a report to creditors of UK-based Scotia Holdings which has gone intoadministration under Ernst & Young, the latter says it has been successful in reducing operating costs and further funds were derived from the sales of non-core intellectual property (Marketletters passim).

E&Y adds that it is actively seeking interest in Scotia's remaining technology platforms, noting that over 40 companies have been specifically targeted and five confidentiality agreements have been issued.

The most important of Scotia's technologies is that on the light-activated cancer drug Foscan (temoporfin), for which an approvable letter has been received from the European Medicines Evaluation Agency.