NEW YORK (GenomeWeb) – Personalized medicine firm 3D Signatures (3DS) said today that it has laid off its employees and contractors, and is planning to declare bankruptcy, due to a lack of funding.
The Toronto-based company is developing diagnostic and prognostic tests based on a proprietary platform that analyzes the spatial patterns of chromosomes by tagging and imaging their telomeres. It recently signed an agreement to evaluate its investigational prostate cancer test with MDxHealth.
According to 3DS, it has been unable to secure the necessary financing to continue operations and now intends to file for bankruptcy under Canada's Bankruptcy and Insolvency Act. The firm's board has not resigned and intends to cooperate with the bankruptcy process, 3DS said.
As of March 31, 3DS said it had cash totalling C$618,411 ($477,078). The firm also noted that it had working capital of C$390,689 as of the end of March, compared to working capital of C$1.3 million as of June 30, 2017 and C$3.2 million as of March 31, 2017. 3DS recorded a net loss of C$920,758, or C$.01 per share, for the third quarter.
In October 2017, the company sold 2 million shares of its common stock to French biotechnology company ScreenCell for C$500,000. And about a year ago, the company filed to offer C$5 million in common stock through a private placement.