Supplier News Breaks
MiddleBrook files for bankruptcy
May 3rd, 2010
WESTLAKE, Texas – MiddleBrook Pharmaceuticals Inc. is seeking Chapter 11 bankruptcy protection.
The company said late Friday that it has filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware.
MiddleBrook, whose products include Moxatag once-daily amoxicillin and Keflex immediate-release cephalexin, reported that it will continue to manage and operate its business and assets during the bankruptcy proceedings. The company noted that in conjunction with the filing, it's seeking customary authority from the court that will enable it to continue operations and deliver products to customers in the ordinary course of business and without interruption.
"During this process, we remain committed to continuing to promote Moxatag through our third-party partner's electronic promotion program and maintaining product availability to our trade customers," stated David Becker, executive vice president and chief financial officer at MiddleBrook and the company's acting president and chief executive officer.
MiddleBrook, also the developer of Pulsys pulsatile drug delivery technology, added that it expects to receive a letter from Nasdaq notifying it that its common stock will be delisted from the Nasdaq Global Market exchange. The pharmaceutical company said it doesn't intend to appeal the decision and expects its common stock to be delisted.
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