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2014-08-11 at 16:47

Biotech firm formerly known as Genesis Genomics now in receivership

By tbnewswatch.com
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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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Comments

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The Beaver…. says:
ohhhh that Michael is at it again,never gets it right
8/11/2014 5:19:14 PM
kurtiswm says:
Here is just another one of the government's handouts gone to waste. Just like global sticks. Take there money and run when the money's all gone.
8/11/2014 7:13:50 PM
Royalflush says:
All you gotta do is move south of the border. Maybe get some "Mercan", company to buy you out. Instant success.
Is the picture getting any clearer Hobbs? Commisso? Isolation? Too far from markets? Ring a bell?
8/11/2014 8:32:57 PM
TBDR says:
if you don't understand the situation, maybe you shouldn't give an opinion. Your's looks stupid.
8/12/2014 9:25:43 AM
dan dan says:
Actually, they did move most of their operation south of the border. I think that's what did them in.
8/12/2014 1:25:38 PM
TBAY Opinion says:
Genetically Engineered Popsicle Sticks. .......It might work.
8/12/2014 6:47:27 AM
Royalflush says:
My laugh of the day. Thanx!
8/12/2014 10:35:02 AM
CM Punk says:
Because most on here critique my comments when I say this city is dying, read the writing on the walls. It is.
This is the 3rd story we heard of company closing down now in a short time.
TBay is full of crime, really bad roads, people wondering the streets lost like zombies, and other critters.
Needles all over the place, council with secret meetings and a big brand new arena coming after these messages to house WWE and a future Pantera reunion tour.

Flush the toilet, its getting full of something and it smells.
8/12/2014 9:12:02 AM
smartguy83 says:
Explain to me how this is an indication the city is dying. It was government funded and it's main operations appear to have shifted to the US based on other information available.
8/12/2014 1:46:23 PM
iceman says:
To bad, but you have to try to get new businesses up and running. Some will fail, some will make it. If you don't try you have already failed
8/12/2014 11:28:02 AM
jzahn says:
TBNewsWatch, please investigate how much, WE, the tax payer invested in this organization. Thank You.
8/12/2014 12:02:41 PM
smartguy83 says:
$0 based on my research.
8/12/2014 1:47:35 PM
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