KRS Global Biotechnology, a Boca Raton, Fla.-based drug compounding facility, filed for Chapter 11 bankruptcy after "unforeseen business circumstances," the Sun Sentinel reported Jan. 16.
The drugmaker once employed 160 people and was named a finalist for Florida Manufacturer of the Year by the state's manufacturing association in 2016.
In September 2019, KRS Global issued a voluntary recall of all lots of its unexpired human and animal drugs due to lack of sterility assurance. In 2015, the drugmaker received a warning letter from the FDA for failing to monitor the air conditioner in its clean room daily. That failure could pose a contamination risk, the FDA said.
KRS Global had laid off 60 workers as of last November, citing "unforeseen business circumstances outside the company’s control which have caused a significant downturn in business," according to the Sun Sentinel.
In its bankruptcy filing, the drugmaker claimed less than $50,000 in assets and up to $50 million in liabilities.
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