Medly Health, a digital pharmacy startup that laid off almost half of its New York workers earlier this year, filed for Chapter 11 bankruptcy protection on Friday.
The company filed in the U.S. Bankruptcy Court in Delaware. According to court documents for Medly Grand Central, the firm’s Midtown pharmacy location, the company has estimated assets of $1 million to $10 million and estimated liabilities of $100 million to $500 million.
Court records show that Medly owes pharmaceutical firm Cardinal Health nearly $10 million in trade debt; financial management company Workday Inc. almost $900,000 for subscriptions to its software; and New York City Health + Hospitals, care of Rx Strategies, nearly $700,000 for 340B drug program reimbursement. Medly also owes several other New York-based creditors for hundreds of thousands of dollars in 340B reimbursements, including Sun River Health in Peekskill and Hudson River Healthcare in Midtown West, the records show.
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