Tbnewswatch Local News
2014-08-11 at 4:47PM

Biotech firm formerly known as Genesis Genomics now in receivership

Leith Dunick, tbnewswatch.com
By tbnewswatch.com

THUNDER BAY -- A local biotech firm touted as a success story in the knowledge-based economy of this city has now been forced into receivership.

Mitomics Inc., formerly known as Genesis Genomics, owes more than $7.6 million to secured creditors according to court documents with another $12 million to unsecured creditors.

On Thursday, an application was filed by two of the company's more than 30 creditors.

William Poulter and Harald Smart say they are owed more than $600,000 and claim that Mitomics stopped making payments in June.

The Thunder Bay Regional Health Sciences Centre are among other major creditors, including the Northern Ontario Heritage Fund. Minister Michael Gravelle made several funding announcements for the company over the years, and said he's disappointed at the news.

"I'm saddened to hear that particularly in light of the fact that we had worked closely with them and I'm hoping that there can be still, regardless of the situation, a positive outcome," Gravelle said.

The company specializes in DNA testing, and had produced a series of cancer screening tests for the international market. In September 2012, it laid off eight local lab employees without warning.

CEO Robert Poulter called it a restructuring at the time and said the company was not in any financial trouble.

Poulter declined to comment on the situation, or the status of the company, when contacted by TBT News.

The application for the court to appoint a receiver will be heard at the Thunder Bay courthouse on Thursday.


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