Drug maker Melinta Therapeutics today filed for Chapter 11 bankruptcy, becoming the second antibiotic developer this year to be forced into bankruptcy because of financial problems.
The company said the filing is part of a restructuring agreement with lenders, and that it plans to continue operating while it works to complete the transaction through the Chapter 11 process.
“While we have successfully conserved cash and enhanced revenue over the past several quarters, we nevertheless anticipate challenges in meeting the company’s obligations, including near-term compliance with certain covenants,” Jennifer Sanfilippo, Melinta’s interim CEO, said in company press release. “We are confident that this process will secure new ownership of the business with the financial resources to support the company’s antibiotics portfolio and ensure these potentially life-saving products continue to get to patients in need.”
The news, which comes 2 months after the Federal Drug Administration (FDA) approved the company’s supplemental New Drug Application for delafloxacin for treatment of community acquired bacterial pneumonia (CABP), is not a surprise. Melinta said at the time of the FDA approval that the commercial launch of delafloxacin for CABP would be delayed because of the company’s financial difficulties.
Delafloxacin is one of four antibiotics in Melinta’s portfolio.
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