Silicycle inc. and SiliCycle Immobilier inc., a Québec City based chemical company, had its NOI proceedings continued under the CCAA on March 12.

The company specializes in the development, production and marketing of silica-based products, primarily intended for the pharmaceutical industry.

The company, which employs almost 200 people, lists approximately $39.5 million in liabilities, including approximately $13.6 million to BDC, $7.2 million to RBC and $5.3 million to IQ.

The company reportedly suffered after implementing an overly rapid diversification strategy, and said that the pharmaceutical industry's shift towards biological products had "significant repercussions" on its sales and liquidity.

Raymond Chabot is the monitor.

Counsel is Beauvais Truchon for the company, Langlois for the monitor, BCF for RBC, Davies for BDC and Gowling WLG for IQ.