Origin BioMed has been placed in receivership.

The Chronicle-Herald reported Friday that the Halifax company was placed in receivership on March 16, with Grant Thornton Ltd. being appointed trustee.

Origin Biomed, which had received venture capital funding from Nova Scotia Business Inc., GrowthWorks Atlantic and Avrio Ventures of Calgary, manufactured and marketed Neuragen, a natural pain relief for diabetes sufferers.

At its height, the company sold the sold the product over-the-counter at more than 20,000 stores in the U.S. and Canada. However, in 2011 the company ran into problems because of a coupon program in the U.S. and never fully recovered. The company restructured and was able to raise $1 million a year later, but it never regained the ground it had lost.

NSBI’s venture capital arm, which is no longer making new investments, invested a total of 7.9 million in the company. GrowthWorks Atlantic invested $2.6 million in Origin BioMed in 2009 and an additional $500,000 in 2013.

Other investors, including members of the First Angel Network, had also put money in the company in the past.