October 17, 2019
Biomod Concepts, a Sainte-Julie, Quebec-based biotechnology company, filed a proposal on October 17. Founded in 2009, the company is involved in the research and development of an innovative delivery system of active ingredients for the beauty and health industries. Facing a liquidity crisis earlier in the year, the company temporarily ceased operations and filed an NOI on April 8. A sale process yielded no bids for the business or its assets, but the company's principal shareholder has structured a transaction that will see the company's core business and technology transferred to a new entity. The company's primary secured creditors, Investissement Québec (IQ) and Quantius Innovation Income Fund LP, together owed approximately $6.3 million, have consented to the transaction, and IQ will be a preferred shareholder of the company under the new structure. The purchaser has also advanced $300.0 thousand to fund a proposal, which translates to a distribution of 22 cents on the dollar for unsecured creditors. Richter is the proposal trustee. Counsel is Gowling WLG for the company and BLG for Quantius.