Medipure Pharmaceuticals Inc. and Medipure Holdings Inc.

Medipure Pharmaceuticals Inc. and Medipure Holdings Inc., Vancouver, British Columbia-based biopharmaceutical companies, had their NOI proceedings continued under the CCAA on August 19. Due to funding issues in the NOI proceedings, the companies had incurred various post-filing arrears, including an estimated $305,000 owed to legal counsel to the company. This resulted in a material adverse change, and it appeared as though the companies may face bankruptcy. However, they were able to locate a new DIP lender, Wealth Management Experts Inc. ("WMEI"), and obtained CCAA protection. WMEI has provided $3.0 million in funds, which are being held in trust. These funds are expected to be sufficient to cover the $792,000 in post-filing arrears owing to employees, creditors and professionals in connection with the NOI proceedings, along with the estimated disbursements to October 28, leaving an estimated $592,000 for professional fees associated with the CCAA proceedings. Deloitte was appointed monitor. Counsel is Boughton Law for the companies and Clark Wilson for the monitor.