Microemissive Displays is to appoint administrators following its failure to get new funding to secure its independent future.
The Edinburgh-based company, which has developed a microminiature display using polymer OLED technology, has said that its cash resources will be exhausted by mid-December and it has been seeking new funding.
“After extensive negotiations with potential funders, the company has exhausted all strategic and financing options available to it,” said the company.
The company is hopeful that market interest in its eyescreen micro miniature technology will attract a potential buyer.
But MED warned that “despite this interest, the severe slowdown in the demand for consumer electronics has negatively impacted the conversion of this interest to sales and revenue.”
MED specialises in the design and manufacturer of low power light emitting polymer displays. A major drain on the company’s resources has been the cost of getting a manufacturing plant in Dresden into production.
In August, MED warned that it had experienced slower than anticipated development of the market for consumer head mounted displays. This is a core product for the polymer display company.
Half-year revenues were up at £377,000 and pre-tax losses were £3.8m, up on £3.1m for the same period last year.
Trading in MED shares on AIM has been suspended.
Also see: Q5 interview with George Elliott of MED