Super - Grant Thornton
Current Weather
-8.9°C Sunny W 6 km/h
Full Forecast
Tbnewswatch Local News
Saturday November 1 2014
8:29 AM EDT
Skyscraper Ad
Signature/Redhead & Chef
Sign. Minute Muffler
Sign/Pizza Pizza
Web Ad
2014-08-14 at 16:01

Mitomics Inc. officially in receivership following court proceedings

AD
ENERGY 103 104Enter your Birthday Greeting here and Win a DQ frozen Birthday cake from Dairy Queen! Only on Your Station for 80’s 90’s and Now Energy 103 104 Click Here!
By tbnewswatch.com

THUNDER BAY -- Mitomics Inc. is now in receivership after a court date Thursday.

The biotech firm is headed to Toronto-based receiver Dodick Landau after an application from William Poulter and Harlad Smart, two of 30 creditors the company owes, was granted at the Thunder Bay Courthouse.

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.

Poulter and 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.

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.

Another court date is being scheduled within the next month.

Tbnewswatch.com(0)

Banner/Vector Construction

Comments

We've improved our comment system.
Comments for this story are unavailable. Read our comment guideline.

Big Box
BB/Copperfin Credit Union

Events

B-Box - HAGI