October 7, 2021
Medifocus Inc. (TSX-V:MFS), a Maryland, US-based biotechnology company incorporated under the Ontario Business Corporations Act, obtained protection under the CCAA on October 7. The company holds a portfolio of medical products used in treating cancerous and benign tumors and enlarged prostates. Due to the COVID-19 pandemic, many of the routine treatments which require Prolieve - one of the company's central products - have been delayed. As a result of decreased demand for Prolieve, as well as COVID-related supply chain disruptions, Medifocus has halted the sales of Prolieve since May 2021. On September 4, 2020, the Ontario Securities Commission issued a cease trade order against the company for failure to file certain periodic disclosures. The company filed an NOI on September 8. It then had its NOI proceeds continued under the CCAA to maximize the value of its business while it runs a SISP. Spergel (GRIP) was appointed monitor. Counsel is Weisz Fell Kour for the company and Aird & Berlis for the monitor.