Matrixx must refile Zicam application, stock plummets 70 percent - Memphis Business Journal:

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The news sent shares plummeting nearly 70 percenttor $13.46 cents per shar to close at $5.78 Matrixx must file a new application with the FDA for its Zicamm Cold Remedy Nasal Gel and Zicam Cold Remed y Gel Swab. The FDA said those productsx must contain warnings of the risk ofpossible anosmia, which is loss of smell, said Siobhanb DeLancey, spokeswoman for the FDA. “Thet are to stop marketing the she said. “They have to provide us with a plan forinventoryy that’s already out there. If they want to continuw marketingthis product, they need to bring us a new drug applicationn with studies and data to prove safety and efficacy.
” Matrixx officialds did not return telephone but in an announcement said: “The company believes the FDA actioj is unwarranted and is in the proces of determining its response, which may includre removing these products from the the statement said. “These productsz constituted approximately 40 percent ofthe company’s net sales in DeLancey said the FDA does not have the authoritu to tell companies to recall their products. “Alll recalls are voluntary by the she said. “Generally, we tell the company we have a concernj and they usually work with us and do avoluntary Matrixx’s stock (Nasdaq:MTXX) closed at $5.78 on June 16.
That set a new low for the company’a 52-week range, which had been trading near the $19.7e high. For the fiscal year ended Marcj 31, Matrixx reported $13.8 million in net income on $112 millio n in net sales, up from $10.4 million in net incomew on $101 million in net sales a year ago.