Xagenic Inc.

On August 1, 2017, Xagenic Inc. (“Xagenic”) filed a Notice of Intention to Make a Proposal (“NOI”) under section 50.4 of the Bankruptcy and Insolvency Act and A. Farber & Partners Inc. (“Farber”) was appointed as trustee under the proposal proceedings (the “Proposal Trustee”).

Status Updates

On September 28,  2017, Xagenic was deemed bankrupt further to a motion brought by Silicon Valley Bank in the Ontario Superior Court of Justice (Commercial List) (the “Court“).  Details of the September 28th Motion are below along with copies of related documentation.  Farber was appointed Trustee in Bankruptcy.  Copies of the Certificate of Appointment and Notice to Creditors are posted below under the Bankruptcy Proceedings heading.

All capitalized terms not defined herein shall be as defined in the Proposal Trustee’s First Report to Court.

Xagenic brought a motion in front of the Court on August 8, 2017 and was granted an Order for, among other things:

  • The approval of an interim financing arrangement for Xagenic and the DIP Lender’s Charge;
  • Granting an Administrative Charge in favour of the Proposal Trustee (including in its capacity as trustee in bankruptcy, if applicable), counsel for the Proposal Trustee (including as counsel to the trustee in bankruptcy, if applicable), and counsel for Xagenic; and,
  • Extending the Stay Period to October 16, 2017.

A copy of the Motion materials and Court Order can be found below.

On September 28, 2017, Silicon Valley Bank brought a Motion in front of the Court and was granted an Order for, among other things:

  • The termination of the stay of proceedings in the proposal proceedings resulting in the deemed bankruptcy of Xagenic;
  • The appointment of Farber as the Trustee in Bankruptcy in the bankruptcy proceedings; and
  • The appointment of Farber as Receiver of the Property (as defined in the Court Order) of Xagenic.

A copy of the Motion materials and Court Order can be found below.

On December 15, 2017, the Receiver brought a Motion seeking, inter alia:

  • An approval and vesting order for a transaction between the Receiver and General Atomics in respect of intellectual property and related equipment;
  • Approval of the First Report of the Receiver dated December 6, 2017 and the conduct and activities of the Receiver;
  • Approval of the Receiver’s Statement of Receipts and Disbursements;
  • Approval of the Receiver’s and its legal counsel’s fees and disbursements;
  • Distribution of the proceeds held by the Receiver from the realization of Xagenic’s property; and
  • Discharge of the Receiver.

A copy of the Motion materials and Court Orders can be found below.

Creditor or Employee Equiries

For creditor enquiries, please contact:
Robyn White
T: 647.796.6030
E: rwhite@farbergroup.com

The purpose of this website is to provide documents to any interested persons regarding this proceeding.  The documents listed below are in pdf format and can be viewed and/or downloaded.  Please feel free to return to this website periodically for future updates on the status of these proceedings. Additional documents and information will be posted as it becomes available.


Proposal and Bankruptcy Documents

Court Reports

Motion Materials (Affidavits, Factums, Books of Authority)

Court Orders and Endorsements

Service List