Women First HealthCare Inc., a pharmaceutical direct marketer catering to older women, has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The parent company of the print and online As We Change catalogs has agreed to sell its rights to the Vaniqa cream product (eflornithine hydrochloride) to Skin-Medica Inc. for $25 million.
Completion of the sale is subject to Bankruptcy Court approval.
The firm has also reached an agreement, subject to court approval, for $3 million of debtor-in-possession financing to be provided by the holders of the company’s senior secured notes.
Women First also has made arrangements for the benefit of creditors with respect to As We Change.
In March the company said it was exploring options to stave off a possible bankruptcy-protection filing. This involved shutting down the As We Change mail order and Internet catalog business by the end of that month.
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