THUNDER BAY -- The sale of a struggling local biotech firm has been approved.
A provincial court has approved the sale of Mitomics Inc., which went into receivership in August with nearly $20 million owed to secured lenders and unsecured creditors.
The company was sold to a Newco Delaware corporation for $19 million, Mitomics president Robert Poulter confirmed to TBT News on Friday.
Mitomics, which was formerly known as Genesis Genomics, was involved in research and development of medical tests for the early detection of cancer.
The company has four employees and Poulter said they would remain employed while the ownership change takes place.
