‘Material uncertainty’ plagues state-backed Nektr Technologies as losses rise to €2.1m

2022 accounts for Sligo-based biotech firm, founded by Frank Boyle, ‘cast significant doubt’ on its ‘ability to continue’

Frank Boyle, Nektr founder and chief executive: Nektr was founded by Boyle in 2017 after he sold his previous business, ProTek Medical, to Molex for a figure estimated €25 million. Picture: James Connolly

Losses at Nektr Technologies, a biotechnology company founded by Irish entrepreneur Frank Boyle, rose from €1.8 million to €2.1 million in 2022.

The Sligo-based company, which is heavily backed by the taxpayer through both Enterprise Ireland and the Western Development Commission, made a loss for the year of €331,425, compared to a loss of €878,440 the year before, freshly filed financial statements show.

The company’s auditors state in the accounts that the losses “indicate that ...