Cediprof Inc. files for Ch. 11 bankruptcy, citing $33 million in debt – News is My Business
Located in Caguas, Cediprof was established in 2014 as a center for research, experimentation and development of generic pharmaceutical products in Puerto Rico.
The Center for Pharmaceutical Development and Innovation (Cediprof, in Spanish) filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in San Juan, listing $33.7 million in debt of dollars.
Located in Caguas, Cediprof was established in 2014 as a center for research, experimentation and development of generic pharmaceutical products in Puerto Rico. It is part of the Neolpharma Pharmaceutical Group of companies.
At the time, generic pharmaceutical company Neolpharma invested $12 million in machinery and construction equipment to establish the 2,000 square foot factory and 4,000 square foot warehouse.
Its list of secured creditors is led by Oriental Bank, which owes $3.2 million. The list of unsecured creditors includes International Finance Corp., which it owes $15 million, and Sandoz Inc., which still owes $15 million.
Over the years, Cediprof has manufactured several generic drugs. In 2020, Cediprof entered into an exclusive interim supply and distribution agreement with Philadelphia-based Lannett Company Inc. for Cediprof’s FDA-cleared levothyroxine sodium tablets USP, according to a press release.
The interim agreement ended on July 31, 2022, when a previously announced 10-year exclusive supply and distribution agreement with Cediprof came into effect. a 17-year partnership.
In the bankruptcy filing, Cediprof lists some $28 million in assets.