New Delaware Chapter 11 Filing – Sancilio Pharmaceuticals Company, Inc.
Sancilio Pharmaceuticals Company, Inc., along with two subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11333). Sancilio, based in Riviera Beach, Florida, develops and markets a variety of pharmaceutical products, including products based on Sancilio’s proprietary Advanced Lipid Technologies platform, a group of drug delivery systems designed to improve the body’s ability to break down and use lipophilic compounds (which include many active pharmaceutical ingredients). Sancilio recently presented the results of a Phase 2 Study for Altemia, a product being developed for the treatment of Sickle Cell Disease. Sancilio’s petition estimates both its assets and liabilities to be between $10 – $50 million. The First Day Declaration has not yet been filed. Sancilio has not yet proposed a claims and noticing agent. Assignment of the cases is pending.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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