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The Struggle to Save Organogel from Bankruptcy |
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Fortunately Dr. Woerly had contacted and established a relationship with French paralyzed people who were aware of his discovery. Within three months, between February and April 1999, they managed to raise 2.5 million Francs. Although Dr. Woerly had to furlough all of his employees, he felt confident he would soon be able to find investors capable of grasping the historical significance of this discovery. In the meantime, the French community of paralyzed persons and their supporters multiplied their efforts to help by contacting banks, insurance companies, rehabilitation centers, associations of paralyzed people, government officials and the specialist publications and specialized press agencies. They also tried to enlist the support of paralyzed people in an attempt to keep Organogel alive.
Between 1999 and the beginning of 2000, Dr. Woerly was able to raise enough funds including loans from Luxemburger and Swiss investors which enabled him to keep Organogel alive. A few investors were prepared to finance Dr. Woerly's undertaking providing the status quo with his shareholders was cleared--Dr.Woerly would have to buy out the shareholders. Despite these troubling concerns and continued lack of adequate financing, Dr. Woerly was able to produce a few scientific publications and complete the pre-clinical trials allowing him to maintain his professional credibility.
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