GeoPharma, a once high-flying Largo pharmaceutical company that has been ailing for years, has filed for Chapter 11 bankruptcy reorganization.
The company, which does business as Innovative Health Products, reported debts between $10 million and $50 million in a filing with the U.S. Middle District Bankruptcy Court. Its assets are between $1 million and $10 million.
It listed more than 300 creditors.
Founded in 1985 as Energy Factors Inc., what is now GeoPharma has evolved through a number of name and product changes. Once in 2004, the maker of dietary supplements and generic drugs briefly saw its stock soar after announcing a product approval by the U.S. Food and Drug Administration.
During the past two years, GeoPharma has sold its manufacturing subsidiary, restructured its debt and laid off workers in its bid to stay alive through a severe cash crunch.