Novum Pharma LLC filed for bankruptcy Sunday and plans to sell its assets, saying it has faced a series of financial and operational challenges, WSJ Pro Bankruptcy reported. The Chicago-based drugmaker, which encountered public scrutiny a few years ago for hiking the price of its skin medications, filed for chapter 11 in the U.S. Bankruptcy Court in Wilmington, Del., and will sell the intellectual property for its product lines, along with other assets. The private company has assets of about $19.4 million and liabilities of roughly $53 million, consisting mostly of $35 million in unsecured current liabilities. Novum’s long-term liabilities include $2.8 million owed under an office lease and $15.2 million owed under a 2017 secured loan from RGP Pharmacap LLC, which is owned by a Novum board member and investor. Loan payments are scheduled to begin in September, and the collateral is substantially all of the company’s assets, a court filing says.
