UPDATE 2-Adaltis seeks creditor protection

* Says day-to-day operations not affected

* Has arranged new funding of up to C$3 million

* Shares under review (Adds company comments, background)

TORONTO, July 3 (Reuters) - Adaltis Inc (ADS.TO: Quote, Profile, Research) said on Friday it plans to file for creditor protection as the cash-strapped medical devices company struggles for survival.

Montreal-based Adaltis, which warned earlier this week that it was quickly running out of money, said it would make the application in a Quebec court on Friday.

"Obviously we have liquidity issues. We are unable to continue on in our current format," David Gardner, executive vice-president and chief financial officer, told Reuters.

The company, which specializes in in-vitro diagnostic products, said normal day-to-day operations would not be affected by the move and operations outside Canada were not included in the filing.

Gardner said Adaltis is working on a restructuring plan to keep the company alive.

"There's no guarantee that it (restructuring plan) will take place, but we would hope to have that in place before the creditor protection ends," he said.