Wellington’s Peak Serum, firm’s CEO declare bankruptcy 

WELLINGTON — Peak Serum Inc. and Thomas Kutrubes, the Wellington-based biologics firm’s founder, have declared bankruptcy.

The Chapter 11 filing, which was made Wednesday in U.S. Bankruptcy Court of Colorado, comes less than two months after Kutrubes was hit with a $2 million fine for trademark infringement, unfair competition and misappropriation of trade secrets related to his formation of Peak Serum in 2014. 

Fort Collins-based maker of fetal bovine serum Atlas Biologicals Inc. sued Peak and Kutrubes in 2016. Kutrubes could not be reached for comment Wednesday afternoon and Atlas founder Rick Paniccia declined to comment.

SPONSORED CONTENT

Business Cares: April 2024

In Colorado, 1 in 3 women, 1 in 3 men and 1 in 2 transgender individuals will experience an attempted or completed sexual assault in their lifetime. During April, we recognize Sexual Assault Awareness Month with the hopes of increasing conversations about this very important issue.

“Kutrubes began working for Atlas as an intern in 2005 and was hired as an employee in 2006, initially serving as a regional sales manager,” court documents show.

According to the suit, which was adjudicated after a five-day bench trial in 2018, Kutrubes at one time owned as much 7 percent of Atlas. 

“Unbeknownst to Atlas, Kutrubes was developing a business plan to compete with Atlas while he was still in Atlas’s employ,” court documents say. Kutrubes misrepresented that competing firm, Peak Serum, as an Atlas sister company to customers, whom he then lured to Peak. 

U.S. District Court Judge Christine Arguello ordered a $2 million judgment and issued an injunction against Kutrubes using any Atlas trade secrets. 

Kutubres’ bankruptcy filing indicates he is appealing the fine.

Kutrubes, a Fort Collins resident, lists the court’s $2 million judgment among Peak’s $3.58 million in liabilities. The firm’s assets are less than $1 million, according to the bankruptcy filing. 

Peak Serum earned revenues of more than $2.8 million during the 2018 fiscal year. 

In his personal Chapter 11 filing, Kutrubes lists assets of more than $557,000 and liabilities of more than $3.3 million.

Kutrubes is represented in the bankruptcy case by attorney Aaron Garber of Denver-based Wadsworth Garber Warner Conrardy PC and in the trade secrets case by Kevin Ward of Wick & Trautwein LLC.

Ward submitted a notice Wednesday informing the district court about the bankruptcy filing.

Kutrubes recently was named to the 2019 class of BizWest’s 40 Under Forty program in Northern Colorado.