Able Labs to sell assets, not reorganize in bankruptcy
Failing to reach an agreement with the FDA on relaunching its recalled products, Able Laboratories has chosen to liquidate rather than reorganize its business. The company recalled its drugs in May after questions arose about the data filed to support their FDA approval. Able filed for bankruptcy protection in July. The company had asked the agency for permission to use outside consultants to verify its existing drug-development data, but the FDA wanted new data and new applications for the drugs.
- read this press release for more