CT, USA, January 5, 2020, ZEXPRWIRE, The A.D.A.M. Company (Advanced Development of Additive Manufacturing) and the startup with the same name, which was created to work in the field of 3D-bioprinting of bones, announces termination of all its operations. The management promises employees and suppliers to pay all debts accumulated in recent months. According to the decision made by the management, the money of the investors will not be returned.
This was announced by Denys Gurak, who is the CEO of the A.D.A.M. Company. “The management of the company and the A.D.A.M. startup failed to implement the tasks and reach the goals, which were set by themselves, and which they promised to fulfill. After almost two years, we don’t even have a ready-made prototype of the products. We were also hindered by the situation that has developed with the appearance of COVID-19 in the world, debts, and numerous lawsuits from former employees and investors in Ukraine and the USA. In recent months, A.D.A.M. management has been looking for additional sources of investment and wanted to attract new investors. The company moved to the Technology Incubation Program (TIP) facilities at the University of Connecticut (Farmington, CT), but it couldn’t solve all the problems in the field of funding. We had several meetings with potential investors, but we were unable to convince them to invest in our development at the initial stage. Therefore, we decided to close our startup,” Denys Gurak said.
Denys Gurak also confirms information published by Ukrainian journalists at AIN.ua about serious problems at Kwambio and hopes that debts to employees will be repaid next year, while lawsuits in Ukraine will be settled.
As reported, in 2019, a Ukrainian startup working in the field of 3D printing Kwambio announced a new project. It was called the A.D.A.M Project and intended to work in the field of printing of human bones suitable for implantation. The project attracted seed funding from WeFund Ventures. It’s worth noting that Denys Gurak is also a partner at WeFund Ventures.