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By stan_sipple

St Louis pharmaceutical manufacturer of Lipodissolve medications files for Chapter 11. KC Business Journal.
Fig., once a leading provider of fat-melting Lipodissolve injections, filed for Chapter 11 bankruptcy protection Monday. The filing, made in U.S. Bankruptcy Court in St. Louis, came one month after Fig. abruptly closed down its operations at 17 centers across the country, including one in Overland Park. The company formerly was known as Advanced Lipo Dissolve and was headquartered in suburban St. Louis. But it is officially registered under the name Go Fig. Inc. and lists an address in Phoenix, according to the bankruptcy petition. In the petition, Fig. estimated it has between 10,000 and 25,000 creditors. The largest creditor is Integrated Media Solutions, a New York-based advertising firm. Fig. stated that it owes Integrated Media nearly $4.1 million. In December, the Kansas State Board of Healing Arts issued temporary restrictions on the use of the fat-melting Lipodissolve injections, which are not approved by the U.S. Food and Drug Administration. The restrictions call for the injections to be administered only after the patient receives a physician's examination and information on possible side-effects. A hearing to determine whether to make the restrictions permanent is set for next month.

Full post as published by Showmeblawgs on January 27, 2008 (boomark / email).