Employee layoffs and Bankruptcy declaration
3D Signatures(3DS) is a personalized medicine firm based in Toronto. It deals with the development of a proprietary platform-based diagnostic and prognostic tests. This is used to examine the spatial patterns of chromosomes through tagging and imaging of their telomeres. For the evaluation of the investigational prostate cancer test, the firm entered into an agreement with MDxHealth.
The funding deficiency has led it to the lay off its employees and contractors. The company even revealed its intention to declare bankruptcy due to insufficient funding. It could not obtain the necessary financing to carry out its operations because of which it has decided to file for bankruptcy under the Bankruptcy and Insolvency Act of Canada. The firm's board would cooperate to carry out the bankruptcy process, so it has not yet resigned.
The company has revealed that it had a total amount of C$618,411 ($477,078) cash as on March 31, 2018. Its working capital was C$390,689 on March-end which is in sharp contrast to that of June, 30,2017 when it was C$1.3 million and March 31, 2017, when it was C$3.2 million. For the third quarter, an amount of C$920,758, or C$.01 per share net loss has been registered by the company.
2 million shares of its common stock were sold by the firm in October 2017 for an amount of C$500,000 to a French biotechnology company ScreenCell.In the previous year, through a private placement, the firm had filed to offer C$5 million in common stock.
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