Able Laboratories files for Chapter 11

New York, July 18 - Able Laboratories, Inc. filed for Chapter 11 Monday in the U.S. Bankruptcy Court for the District of New Jersey.

The company said the filing is intended to assist it as it works with the Food and Drug Administration "to address inspectional observations, improve the quality of its systems and controls and, subject to FDA authorization, reintroduce products to the market."

On May 23, Able said it had suspended manufacturing and recalled its products because of concerns about laboratory practices and compliance with standard operating procedures.

Because of the recall and suspension of manufacturing, Able is not currently generating either income or revenue.

The Cranbury, N.J., developer and manufacturer of general pharmaceuticals listed assets of $50 to $100 million in its Chapter 11 filing and liabilities of $1 to $10 million.

Its case number is 05-33129.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.