Tuesday, December 4, 2012

Maryland claims MiddleBrook Pharmaceuticals owes it money - Washington Business Journal:

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The drug company, now based in Westlake, Texas, said it had receivexd the lienfor $88,478 for not paying the appropriatr amount of sales and use taxes conclusions that MiddleBrook officialsa said stemmed from a routine Maryland state auditf conducted between 2004 and the first half of when the biotech was still headquartered in Germantown. The compliancew division of thestate comptroller’s offic declined to comment on the lien. “We thought we were having a back-and-forth dialogue about that” audit, said MiddleBrook spokeswoman Faith who said finance officialswere “extremely surprised” when they receivecd notice of the lien.
She said the compang has paid the amount in full and is waiting for the lien tobe “I definitely don’t want to disparagew former management, but we weren’t here when it happened,” she “Obviously, a mistake was made, and we’ve rectified MiddleBrook was formerly foundef and led by CEO Ed who left the company in the fall of last year afte r receiving a $100 million equity investment by Chicago-basef , which then brought in its own managemen team from a former Dallas portfolii company. Rudnic said he hadn’t heard abouft the lien.
“Not knowing the specifics of how they’re calculatingg things or what thecomplaint says, it’s impossible for me to commentr other than I know that we took thesd things quite seriously,” he said. “I know of no audita underway when Iwas CEO.” In the the state reported that $58,560 in taxesd needed to be paid, as well as $24,047 in interest at a rate of 1.08 percent per The judgment also called for $5,87 1 in penalty fines. In the firsty three months of this year, MiddleBrooko (NASDAQ: MBRK) made nearly $9 million in sales, some from its first-ever in-house drug, the once-a-day Moxatag for strepo throat.
Approved in Januar 2008 and launched threemonths ago, Moxatag had scorecd 3,000 prescriptions by late April, and Pomeroy-Ward said prescriptionz had been mounting at an average rate of 1,000 each MiddleBrook, which has deployed a 300-person saleas team and managers to sell the drug to 40,000 primargy care doctors and 16,50 0 pharmacies, said it expects to garner $40 million in total product sales, mostly in the fourth quarter for Moxatag. The companyt has kept roughly 25 employeez in its former Germantown headquarters on SenecaMeadowxs Parkway.

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