KRS Global Biotechnology, once a growing company in Boca Raton awarded millions of dollars in economic incentives — including $500,000 offered by former Gov. Rick Scott — has filed for Chapter 11 bankruptcy reorganization. A manufacturer of pharmacy compounding services to patients, hospitals, clinics and universities nationwide, KRS Global said it has less than $50,000 in assets and up to $50 million in liabilities, according to its Jan. 10 petition in U.S. Bankruptcy Court in West Palm Beach. The company’s bankruptcy reorganization, which means the company is restructuring in order to continue operation, follows a voluntary recall by KRS Global of unexpired human and animal drugs “due to lack of sterility assurance,” according to an FDA statement. Drugs taken that are not sterile could cause infection and be life-threatening, the FDA said.
Read the full article: Boca Raton Drugmaker Files for Bankruptcy Reorganization after Product Recall //
Source: https://www.sun-sentinel.com/business/fl-bz-krs-boca-raton-chapter-11-20200116-mlmxlatlozb2fcqyt6aqvzuiu4-story.html