Cantrell Drug Co. of North Little Rock filed for chapter 11 protection on Tuesday listing $7.46 million in debts, Arkansas Business reported. The firm, which sells sterile injectable drugs mainly used in hospitals, reported $15.1 million in assets in its filing in U.S. Bankruptcy Court in the Eastern District of Arkansas. Dr. James L. McCarley Jr., chairman and CEO of Cantrell Drug, said that the financial problems were linked to two recent Food and Drug Administration inspections that resulted in a temporary suspension of manufacturing and shipping. In 2015, Cantrell Drug generated $18.5 million in gross revenue; the next year the amount grew to $23 million. But so far this year revenue plummeted to $10 million, according to the filing.
