GeoPharma files for Chapter 11
March 25, 2011
LARGO — GeoPharma Inc. (symbol: GORX), a Largo-based pharmaceutical manufacturer, is bankrupt. The company recently filed for protection under Chapter 11, documents filed with the U.S. Bankruptcy Court for the Middle District of Florida show.
Despite earning roughly $85 million in revenues between 2007 and 2009, the company posted combined net losses of $30 million over that time frame, according to the firm’s financial statements.
In August, Kotha Sekharam resigned from his position as the company’s president. Carole Dore-Falcone, the firm’s chief financial officer, resigned in November.
In its filing with the court, GeoPharma estimated its total assets between $1 million and $10 million, and its total liabilities between $10 million and $50 million. The firm also estimated that it has between 200 and 999 creditors.
The company’s current president and CEO is George Stuart.
Epic fail, expect triple zeros
