Blue Xanax Bars B707 are 2mg rectangular bars that belong to the benzodiazepine drug class. Breckenridge Pharmaceuticals manufactures and distributes this medication, which has the B707 imprint. It is a short-acting medication that treats anxiety, phobia (with or without), agoraphobia, fear, and panic disorder. Blue Xanax belongs to the Schedule IV controlled substance group (Controlled Substance Act).