Chicago pharma company that raised drug price by 40 times now bankrupt


A Chicago dermatology drug company that made headlines in 2016 for hiking up its drug prices has filed for bankruptcy protection.

Novum Pharma filed for bankruptcy protection on Sunday, claiming assets of $19.4 million and liabilities of $53.1 million. The 5-year-old company's liabilities consist of $35 million in current liabilities and $18 million in long-term liabilities.

In 2016, Novum Pharma made news when it was reported it was charging pharmacies a wholesale price of $7,968 for 48-gram tubes…

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