Middlebrook Pharmaceuticals, which filed for Chapter 11 bankruptcy last month, announced today that Victory Pharma is purchasing all the company's assets for $17.1 million. Middlebrook has been on the rocks for some time now. The Westlake, TX-based company has been through three rounds of layoffs, which claimed the jobs of its entire field sales force as well as CEO John Thievon. With its sales force gone, MiddleBrook has been relying on DoctorDirectory.com to commercialize Moxatag, an antibiotic for strep throat, which is the company's only marketed drug.
"During the Bankruptcy Court supervised process, we remain committed to continuing to promote Moxatag utilizing our third party partner's electronic promotion program and maintaining Moxatag and Kefelx product availability to our trade sales customers," says David Becker, MiddleBrook's acting CEO. San Diego-based Victory Pharma is developing products to treat pain and related conditions.
- take a look at Middlebrook's release