Graceway Pharmaceuticals Wins Approval of Bankruptcy Loan - (Bloomberg via NewsPoints Desk)

  • Bloomberg reported that Graceway Pharmaceuticals won court approval of a $6-million bankruptcy loan to help fund operations while the company seeks to sell its assets.
  • Graceway listed debt of as much as $1 billion and assets of as much as $500 million in Chapter 11 documents filed yesterday.
  • Plunging sales following the loss of patent protection on its highest-selling product led to the bankruptcy, Graceway said in court papers.

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