Drugmaker in Boca Raton Files for Bankruptcy
A company that was once a finalist for “Florida Manufacturer of the Year” in 2016 has recently filed for bankruptcy reorganization
after having a product recall.
Chapter 11 bankruptcy reorganization is when in order to continue operation, a company must reconstruct their operations. According to the Sun Sentinel, the FDA claimed that the drug making company, KRS Global Biotechnology, did not produce sterile drugs.
The FDA states that taking not sterile drugs can lead to a life-threatening condition or infection. KRS Global said they have not heard any reports of their recalled products causing any health conditions, as KRS products are distributed nationwide to doctors and pharmacies.
On the bankruptcy documents, the Sun Sentinel states that the company owes their landlord $581,000 worth of rent. But, KRS Global Biotechnology has reported that all issues the FDA was concerned about in their products have been fixed.
Although still bankrupt, KRS Global’s drugs are now reportedly compliant with the FDA, meaning the ‘reorganization’ of their company has been somewhat complete.
