3D Signatures to File for Bankruptcy
OREANDA-NEWS. June 01, 2018. 3D Signatures Inc. (TSX-V:DXD) (OTCQB:TDSGF) (FSE:3D0) (the "Company" or "3DS"), a personalized medicine company with a proprietary software platform (TeloViewTM) based on the three-dimensional analysis of chromosomal signatures, today announced its intention to assign itself into bankruptcy under the Bankruptcy and Insolvency Act (the “BIA”) and the layoff of its employees and contractors.
As a research and development stage company, 3DS is primarily dependent on funding from investors to continue as a going concern. While 3DS has been successful in reducing its overall cost structure, it has been unable to secure the additional financing required to fund its operations. As a result, the Company intends to assign itself into bankruptcy under the BIA. In addition, the Company has conducted a layoff of its employees and contractors. Subsequent to the filing of the assignment into bankruptcy, the Licensed Insolvency Trustee may request certain key employees to provide assistance with its administration. The Board of Directors of 3DS has not resigned and will cooperate fully with the Licensed Insolvency Trustee once they are retained in accordance with the resolution passed by the Board of Directors on May 30, 2018.
Third Quarter Financial Summary
The Company significantly reduced its cash monthly burn rate and recorded a net loss of $920,758 ($0.01 per Common Share) for the three months ended March 31, 2018 compared to $2,171,822 ($0.04 per Common Share) for the three months ended March 31, 2017.
As at March 31, 2018, the Company had cash resources of $618,411 compared to $1,200,395 as at June 30, 2017 and $2,552,822 at March 31, 2017. As at March 31, 2018 the Company had working capital of $390,689 compared to working capital of $1,329,408 as at June 30, 2017 and $3,215,197 at March 31, 2017.
The Company’s financial statements and management’s discussion and analysis are available on www.sedar.com.
3DS (TSX-V:DXD) (OTCQB:TDSGF) (FSE:3D0) is a personalized medicine company with a proprietary software platform, TeloView™, that is designed to predict the course of certain diseases and to tailor treatment options for the individual patient. The technology is based on the three-dimensional analysis of telomeres, the protective caps at the ends of chromosomes. 3DS’ TeloView™ software platform measures the organization of the genome and its correspondence to; the stage of a given disease, the rate of progression of the disease, how different diseases will respond to various therapies, and a drug’s efficacy and toxicity. 3DS’ proprietary imaging software is designed to go beyond identifying whether a patient suffers from a specific disease or condition. Instead, the TeloViewTM platform is designed to inform clinicians and patients with respect to how to personalize treatment and best manage an individual’s disease based on their unique TeloView ScoreTM.Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward Looking Statements”). All statements included herein, other than statements of historical fact, are Forward-Looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-Looking Statements. Often, but not always, these Forward-Looking Statements can be identified by the use of words such as “intends”, “expects” "estimates", "potential", "open", "future", "assumes", "projects", “anticipates”, “believes”, “may”, “continues”, "plans", "will", "to be", or statements that events "could" or "should" occur or be achieved, and similar expressions, including negative variations. Statements with respect to 3DS’ intention to file an assignment under the BIA, the expectation that the CEO and CFO will continue with the Company to assist with the bankruptcy proceedings, among others, are Forward-Looking statements.