Company: Middlebrook Pharmaceuticals
Based: Westlake, TX

What Happened: Middlebrook has been in a downward slide for the better part of two years. The developer went through two rounds of layoffs in 2009, and in March announced that it was eliminating its field sales force and significantly reducing its corporate staff to preserve money as it explored its options. As part of the cut-backs, CEO John Thievon resigned. The company filed for Chapter 11 bankruptcy in April and Victory Pharma is purchasing all the company's assets for $17.1 million the following month. Middlebrook's only marketed drug was Moxatag for sore throat, which it was commercializing through DoctorDirectory.com.