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MiddleBrook Pharmaceuticals Seeks Chapter 11 « Back
Pauline Renaud, May 2010
(03 May 2010)

Drug maker MiddleBrook Pharmaceuticals Inc. said it filed for Chapter 11 bankruptcy protection. According to court documents, the company listed assets of $42.2m and liabilities of $29.1m as of 31 December 2009.

MiddleBrook expects to continue operating under bankruptcy, and will promote its antibiotic Moxatag. “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,” said David Becker, MiddleBrook executive vice president and chief financial officer, in a statement.

Last month, the company’s CEO resigned, as MiddleBrook significantly cut its workforce in order to preserve its cash pile.

The cuts followed additional redundancies last year. According to the Wall Street Journal, the company said, at the time, that it had “substantial doubt” about its ability to continue as a going concern through 2010.

On Friday, MiddleBrook also said it expects to be delisted from Nasdaq for failing to pay fees. The company does not intend to appeal.

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