Graft Polymer said it has divested its Slovenian facility [Graft Polymer d.o.o] to a private consortium for a nominal amount having written it down fully in its last set of accounts.
The company said it will now focus on its Graft Bio division, adding this has significant value and revenue-generating possibilities due to its intellectual property, intangible assets and research and development contracts.
Nicholas Nelson, Graft's chairman, said: "Following an extraordinarily difficult two years for the company resulting in a huge depletion of funds on account and severe constraints on our ability to continue trading, I joined the board to oversee a strategic change and to progress a short-term fundraise.
"The Slovenian Polymer facility and Graft Polymer d.o.o had, in the opinion of the board, become untenable and we have had to divest this to enable the other core business to flourish."