Sicel is not placed in involuntary bankruptcy, names interim president
DVS sensors – just 2.1mm in diameter and 20mm long – are implanted to gather data on the precise amount of radiation being delivered to tumors. Wireless technology transmits the information to a hand-held monitor.
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RALEIGH, N.C. – Sicel Technologies has avoided being placed in involuntary bankruptcy and has named an interim president.
In a brief statement issued Thursday morning, Sicel said Paul McDaniel, its executive vice president of operations and quality, has been named president on an interim basis.
McDaniel also will serve as a director.
Sicel also reiterated as it had in an earlier statement that “operations are continuing and several employees who had previously been furloughed have returned to work.”
A spokesperson for Poyner Spruill, the law firm representing Sicel, said no other information would be provided beyond the press release.
The News & Observer and the Triangle Business Journal reported on Aug. 10 that five employees are pressing the company for compensation and that the dispute led to attempts to force Sicel into involuntary bankruptcy.
Sicel launched a $20 million fund-raising round a year ago, an SEC filing showing the firm had raised more than $1.5 million.
However, the company has been unable to complete the round and laid off staff, a company executive told The News & Observer.
How many people were laid off was not disclosed. It did have 34 employees before the cuts were made, Glenn Seymour, the firm’s national sales manager, told the paper.
Sicel has been without a chief executive officer since December.
The company is a developer of implantable radiation sensors designed to help improve cancer treatment.
Charles Scarantino, MD, an oncologist at Rex Hospital, founded the company. Its technology is licensed from North Carolina State University.
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Copyright 2012 WRAL Tech Wire. All rights reserved.
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