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2014-08-14 at 16:01

Mitomics Inc. officially in receivership following court proceedings

By tbnewswatch.com
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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.

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