THUNDER BAY -- Creditors of a local bio-tech firm have approved the sale of the company.
Mitomics Inc. went into receivership in August, owing nearly $20 million to secured lenders and unsecured creditors.
Mitomics was formerly known as Genesis Genomics, and was involved in research and development of medical tests and devices for the early detection of cancer.
On Monday, the majority of the creditors approved the sale of the company to the Delaware Corporation, also known as Newco, for $19 million.
Mitomics president Robert Poulter would not comment on the situation when contacted by TBT News Wednesday, but confirmed the sale was approved and that it is now subject to court approval on Nov. 6.
Among the creditors is the province of Ontario. A spokesperson for the Ministry of Northern Development confirms the company was given $2.5 million in loans, and the province is now looking to recoup the $1.9 million owing through the proceeds of the sale.
(TBT News)
