StemGenex, the operator of a La Jolla clinic that drew a warning from the Food and Drug Administration that its purported stem cell treatments were illegal, has filed for bankruptcy.
The clinic also is facing a class-action lawsuit in San Diego federal court brought by several former customers who say they were misled by its advertising and marketing.
The firm’s bankruptcy filing, made on Sept. 5, lists more than $1 million in liabilities and $155,788 in assets — including a Tesla Model X electric car on which it still owes $54,000.
The filing opens a window into the scale of StemGenex’s business. It discloses revenues of more than $8.2 million dating back to Jan. 2, 2017. Based on the firm’s standard fee of about $14,900 per treatment, the revenue figure suggests StemGenex may have had as many as 550 customers over that period; some have said they had more than one treatment, for which they were charged separate fees.
Neither StemGenex nor its founder and president, Rita Alexander, could be reached Thursday. The firm’s bankruptcy attorney did not respond to a request for comment. The StemGenex website, through which prospective customers could arrange treatment or appointments, no longer lists a telephone number and now identifies the firm as an “educational stem cell resource.”