B-Temia, which became known thanks to the development of the Keeogo motorized walking aid, is sheltering itself from its creditors while it restructures the company. In the meantime, activities are maintained.
On December 23, the company from Saint-Augustin-de-Desmaures, in the suburbs of Quebec, filed a notice of intent, under the Bankruptcy and Insolvency Lawto make a proposal to its creditors. The amount of receivables, some of which are owed to investors, amounts to $14.4 million.
“If we find ourselves in this situation, it is because the marketing has not been as successful as hoped,” said David Quitman, president and CEO of B-Temia.
“We have done a lot of activities to improve marketing and sales. “Success has not been achieved until now, despite many activities which have made it possible to develop and obtain market authorizations in more than twenty countries,” he added.
The company, founded in Quebec in 2010, had been the subject of several media reports thanks to Keeogo, based on patented technology, but the SME was more discreet in recent years.
The goal of producing 250 Dermoskeletons per year was never achieved. The cost of acquiring the Keeogo, which amounts to “a few tens of thousands of dollars,” proved to be an issue, according to Mr. Quitman. The latter did not wish to disclose the price of the device, which may vary depending on the country.
“The big challenge we also face is the reimbursement of the device [par les compagnies d’assurance]in different countries, which takes time. Market approvals, at the medical level, take a certain number of years. So, you have to sell, support operations and also do activities to be able to reach insurance companies, whether public or private, which requires a certain amount of effort.”
Activities continue
While waiting for the restructuring plan to be ready to be submitted to creditors, B-Temia has obtained the liquidity allowing it to continue its activities. By using this procedure, the company hopes to be able to start again on new bases.
“The goal is to continue operations,” assured the CEO.
“We are able to fulfill orders during this transition period. […] We are confident that we will recover from this period with the support of our main investors,” said Mr. Quitman.
The company was founded by Stéphane Bédard, who is also the inventor of the bionic leg developed by Victhom in the 1990s in Quebec and which was used by former Prime Minister Lucien Bouchard after his amputation.
In 2020, it obtained the necessary approvals from the Food and Drug Administration to sell its walking assistance system in the United States. After entering into a partnership with Lockheed Martin to develop products intended for the American army, the company turned more towards the medical field in order to offer a solution to people losing their autonomy or having a diagnosis such as Parkinson’s disease.
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