In late January, biopharmaceutical firm Scotia Holdings (Stirling, UK) became the first UK public biotech firm to require administrator protection—a move that analysts say will probably result in either its acquisition or the sale of all its assets piece-meal. Last October, the FDA rejected Scotia's primary photodynamic therapeutic (PDT) Foscan as a palliative for late-stage head-and-neck cancer, and the European Agency for the Evaluation of Medicinal Products (EMEA) followed suit in January, resulting in the suspension of trading of Scotia's stock by the London Stock Exchange. Analysts say £6–7 million in cash unlikely to last the company through March, coupled with a looming £50 million convertible debt due in March 2002, prompted Scotia to appoint Ernst & Young to restructure the firm. Scotia founder David Horrobin attributes the company's demise to the decisions made by Robert Dow, who replaced Horrobin as CEO in 1998: Horrobin says that Dow fired the “best PDT team in the industry,” killed 25 early-stage projects that cost only about £1 million a year, and then changed Foscan's modality from an effective cure for early-stage cancer to palliation of late-stage cancer where it doesn't really have a major advantage over other treatment modalities.