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Wednesday, December 26, 2012

NECC Drug Compounder Files for Bankruptcy

On December 21, the New England Compounding Center filed for bankruptcy under Chapter 11. The company believes it is the best way to quickly and fairly pay back its creditors, according to CNN.

NECC is the drug compounding company linked to contaminated steroid injections that sickened 620 people, 39 of whom died as a result of fungal meningitis. The steroid injections are commonly used to treat pain. Health agencies have determined NECC did not follow proper sterilization standards and shipped vials of the steroid that had not yet passed sterilization tests.

In addition to filing for Chapter 11 bankruptcy, NECC plans to set up a fund for victims of the contaminated steroids. The fund would provide compensation to people injured by the contaminated steroid, and possibly to families who lost a loved one because of the contaminated steroid.

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