One of OBJ's Startups to Watch from 2006, TrialStat Corp., has entered into receivership.

According to federal documents, the Celtic House Venture Partners-funded company – which just two years ago recorded year-over-year growth of 421 per cent and boasted a staff 60 local employees – entered into receivership on Oct. 3, 2008, an arrangement being administered by Ernst & Young Inc.

The company's secured debts, according to documents, include a total of over $2.3 million to Celtic House Venture Partners. Another $426,000 is owed to the Business Development Bank of Canada.

TrialStat's unsecured debts include $29,000 to insurance firm Rhodes & Williams Ltd., approximately $28,000 to financial services company Great West Life, and varying amounts out of a total of approximately $57,000 to law firms Gowling Lafleur Henderson LLP, Fraser Milner Casgrain LLP and Deloitte & Touche LLP.

When contacted by OBJ, officials from Celtic House Venture Partners and Ernst & Young declined comment. TrialStat officials did not respond to requests for an interview.

Another $35,000 is owed to the Royal Bank of Canada, along with more than $20,000 to telecom companies Rogers Wireless, Telus Mobility and Primus Telecommunications Canada Inc.

The data management software firm was founded in 2001 and by January 2006 had raised $5.5 million in venture funds while recording 400-per-cent-plus growth year-over-year. TrialStat, whose software helps clinical researchers manage data associated with health research, was one of the first Ottawa companies to champion the concept of software-as-a-service.