Baudax Bio, a Malvern, Pa.-based biopharmaceutical company spun out of Recro Pharma more than four years ago, has filed for U.S. Bankruptcy Court protection, the Philadelphia Business Journal reported. In Thursday's chapter 11 filing at U.S. Bankruptcy Court in Philadelphia, Baudax listed assets of just under $20.6 million and debts of nearly $21.8 million. The company's two largest unsecured creditors, according to the filing, are law firms. Goodwin Procter of Boston is owed $1.8 million, and Troutman Pepper Hamilton Sanders in Philadelphia is owed $1.3 million. The next largest unsecured creditor among the 20 listed in the filing is ERG Holding Co., a clinical services provider based in St. Louis, which is owed $917,000. Baudax was established in 2019 after Recro Pharma decided to split its two businesses. Recro continues to serve as a contract development and manufacturing organization with its headquarters in Malvern and a manufacturing plant in Gainesville, Georgia. Baudax was established as a drug development company. It received Food and Drug Administration approval for a non-opioid paid medicine called Anjeso, which Recro had been developing. Early last year, Baudax shelved Anjeso, which was approved for the management of moderate to severe pain for patients in medical centers or other acute-care settings. When announcing the decision in February 2023, Baudax Bio CEO Geri Henwood said the company was halting sales and marketing efforts for the drug due to "persistent economic challenges facing hospitals."
