MiddleBrook Pharmaceuticals, Inc. (NASDAQ:MBRK) has announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. The petition was filed in the United States Bankruptcy Court for the District of Delaware. The company will continue the management and operation of it’s businesses in assets throughout the pendency of the case. The company’s bankruptcy case is subject to the supervision and orders of the Bankruptcy Court. Middlebrook will also be searching for customary authority from the Bankruptcy Court to enable the continuance of operations and delivery of products without interruption.
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MiddleBrook Pharmaceuticals, Inc. is a pharmaceutical company focused on commercializing anti-infective drug products that fulfill unmet medical needs. The Company has developed a delivery technology called PULSYS, which enables the pulsatile delivery, or delivery in rapid bursts, of certain drugs. Its PULSYS technology provides the prolonged release and absorption of a drug. The Company’s PULSYS product, MOXATAG (amoxicillin extended-release) Tablets, 775 mg, is used for the treatment of pharyngitis/tonsillitis secondary to Streptococcus pyogenes, commonly known as strep throat, for adults and pediatric patients age 12 and older, and there is no AB-rated equivalent to MOXATAG. The Company operates in one business segment: prescription pharmaceuticals. The Company has engaged Broadpoint Gleacher Securities Group, Inc. (Broadpoint) to assist it in identifying and evaluating strategic options, including a sale of the Company.
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