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 Posté le: Mar Oct 01, 2013 1:48 am Sujet du message: Functional Technologies no longer functional |
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{Functional Technologies no longer functional},[url=http://www.moncler-sale.org]moncler on sale[/url]
Allon Therapeutics CEO Gordon McCauley is working to sell what’s left of his company’s intellectual property|PHOTO © Dominic SchaeferBy Nelson BennettTue Jun 25, 2013 12:01am PSTFunctional Technologies Corp. (TSX-V:FEB) – a Vancouver-based biotech that has been developing a yeast-based product that prevents the formation of toxins in food and beverages – is bankrupt.Stating that it was unable to meet its obligations to creditors,[url=http://www.moncler-sale.org]moncler outlet[/url],[url=http://www.moncler-sale.org]moncler down jackets[/url], the company filed for creditor protection in April. It received an extension in May and had hoped for another to restructure.But one of its largest creditors – the federal government’s Atlantic Canada Opportunities Agency (ACOA) – opposed the extension, forcing the company into bankruptcy. The company’s directors and officers have resigned,[url=http://www.moncler-sale.org]moncler on sale[/url], its stock is worthless and the company is now in the hands of a trustee, Abakhan & Associates Inc., which is selling the firm’s remaining assets. A Functional Technologies representative could not be reached for comment by press time.The company is the second local biotech forced to seek creditor protection in recent months.Allon Therapeutics (TSX:NPC), an orphan drug developer, was forced to seek creditor protection at the end of May after clinical trials showed its lead product – a drug for treating a rare neurological disorder – had failed to produce the expected results (see sidebar).Allon’s stock dropped 95% in a single day – from $0.43 per share on December 17, 2012, to $0.02 on December 18,[url=http://www.moncler-sale.org]moncler down jackets[/url],[url=http://www.moncler-sale.org]discount moncler jackets[/url], 2012 – and it was forced to cut staff by 40%.The company will be delisted from the Toronto Stock Exchange on June 28. Allon CEO Gordon McCauley said he is working to avoid bankruptcy and salvage what’s left of the company through a sale of its intellectual property to Paladin Labs Inc. (TSX:PLB).Company failures such as these only worsen the prospects for Canadian biotechs to raise high-risk capital.“If you look within the broader context, the state of the capital markets is clearly a challenge for technology-based companies,[url=http://www.moncler-sale.org]moncler sale[/url],” Enns added.Functional Technologies received most of its financing from ACOA – the Atlantic equivalent of Western Economic Diversification – although it also raised $1.9 million through a series of private placements in 2012.ACOA provided $4 million in funding to Functional Technologies’ subsidiaries – Phyterra Yeast Inc., Phyterra Bio Inc. and Maritime Pulse Drying Inc. – which, according to the funding agreement with ACOA, were supposed to manufacture the company’s yeast in Prince Edward Island.According to ACOA, $3.9 million of the loan remains in arrears, and it is hoping to recover at least some of the money through a forced sale of the company’s assets, including lab equipment, intellectual property and licences.Functional Technologies had one commercial product and two in the pipeline. The commercialized product was a yeast strain that prevents the formation of hydrogen sulphide, which causes an odour in the fermentation process of winemaking.The company was also developing a type of yeast that prevents the formation of acrylamide,[url=http://www.moncler-sale.org]discount moncler jackets[/url], which forms in baked goods and is believed to be a carcinogen. It was also working on a yeast-based biofuel.Tags: Allon Therapeutics Inc.,[url=http://www.moncler-sale.org]moncler outlet[/url], Functional Technologies Corp.,[url=http://www.moncler-sale.org]moncler sale[/url], LifeSciences BC, The Toronto Stock Exchange, bankruptcy
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