BRIDGEWATER, N.J., Nov. 27, 2023 (GLOBE NEWSWIRE) — RVL Pharmaceuticals, Inc., a specialty pharmaceutical company focused on the commercialization of UPNEEQ, 0.1%, for the treatment of acquired blepharoptosis, or droopy eyelids, in adults, today announced that it and its wholly-owned U.S. operating subsidiary RVL Pharmacy, LLC, successfully emerged from their Chapter 11 cases on November 22, 2023 following the confirmation by the United States Bankruptcy Court for the District of Delaware of their Plan of Reorganization on November 20, 2023. RevitaLid Pharmaceutical Corp., previously the direct parent company of RVL Pharmaceuticals, Inc, concurrently emerged from its Chapter 11 case, though will be wound down under the Plan.
“Upon emergence, the RVL Subsidiaries are well-positioned to invest in UPNEEQ, drive their strategic initiatives, and continue to deliver high-quality, innovative ocular and aesthetic solutions for patients and healthcare partners,” said Brian Markison, Chief Executive Officer of the Company.
The Plan was unanimously supported by the RVL Subsidiaries’ sole secured lender (funds managed by Athyrium Capital Management, LP (“Athyrium”)) and other key stakeholders. The Company will continue to operate and be supported as a privately held company under the ownership of Athyrium.
It is expected the wind-down of the Company’s former public parent company, RVL Pharmaceuticals plc, and its subsidiaries other than the RVL Subsidiaries will promptly commence, and RVL Pharmaceuticals plc’s public equity is expected to be cancelled upon completion of its wind-down during 2024, resulting in no recovery to public shareholders.
About the Company
RVL Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelid, in adults. UPNEEQ is the first non-surgical treatment option approved by the FDA for acquired blepharoptosis. For more information, please visit the Company’s website at www.rvlpharma.com.
