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Canada's 3D Signatures plans to file for bankruptcy, lays off employees

3D Signatures Inc. plans to file for bankruptcy under Canada's Bankruptcy and Insolvency Act.

As a research and development stage company, 3D Signatures depends on investors to continue as a going concern, and while it was able to reduce overall costs, it could not get enough capital to sustain operations, it said in a news release.

The company has also laid off employees and contractors.

For the three months ended March 31, the Toronto-listed company recorded a net loss of C$920,758, narrowing from the C$2.2 million net loss recorded in the year-ago period. It had working capital of C$390,689, down from C$1.3 million as at June 30, 2017, and C$3.2 million as at March 31, 2017.

Canada-based 3D Signatures is a personalized medicine company that develops diagnostic products to treat various cancers and neurological disorders. Its proprietary software platform, TeloView, is designed to predict how certain diseases will progress and to tailor treatment options for the individual patient.