Provell Pharmaceuticals, a pharmaceutical company based in Honey Brook, has filed for Chapter 7 bankruptcy after twenty years in business, writes John George for Philadelphia Business Journal.
With headquarters in the West Brandywine Business Center, Provell distributes name brand pharmaceutical drugs at generic prices. In 2024, Provell had fewer than ten employees and no sales team.
The company listed assets of $0 and $50,000 and debts of over $1 million in the official bankruptcy filing on Apr. 2. Attorney Edmond George, who will represent Provell, shared that the Chapter 7 bankruptcy comes after the company had financial issues with its drug supplier.
In 2024, Provell partnered with Mark Cuban Cost Plus Drug Co., an online corporation started by businessman and Shark Tank investor Mark Cuban aiming to provide name-brand and generic prescription drugs at a lower cost. The goal of the partnership was to provide patients with widespread access to a popular hypothyroid drug.
About the partnership with Cost Plus Drugs, Provell CEO Steve Hodge shared that the goal was to provide an alternative, accessible route for people to receive the prescriptions that they need, and to “remove the cost barrier for millions of Americans, regardless of insurance coverage.”
Hodge has yet to comment publicly on Provell’s bankruptcy filing.
Read more about Provell Pharmaceuticals and the company’s recent filing for Chapter 7 bankruptcy in Philadelphia Business Journal.
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