Thursday July 2, 07:45 PM
FDA releases Zicam report, Matrixx stock rise
WASHINGTON, July 2 (Reuters) - Shares of Matrixx Initiatives (NASDAQ: MTXX - news) soared as much as 30 percent on Thursday after the U.S. Food and Drug Administration released its official inspection report that triggered a massive recall of the company's zinc-containing Zicam cold remedy.
The report noted that after the May 26-29 inspection, Matrixx's vice president for research, development and product quality, told the inspector that the company had 'nearly completed an extensive revision' of its complaint procedures.
The FDA inspector also noted that 'the firm does not classify and report' the loss of smell or taste 'as a serious adverse event.'
The FDA ordered Matrixx to stop selling intranasal versions of Zicam June 16 after the agency received more than 130 reported complaints about consumers who lost their sense of smell.
The company also did not give more than 800 other complaints to the FDA, violating a 2007 law, the FDA said earlier.
Matrixx has said it did not do so based on its interpretation of the law.
The agency posted the report on its website at http://www.fda.gov/downloads/AboutFDA/CentersOffices/ORA/ORAElectronicReadingRoom/UCM170136.pdf
Shares of Matrixx were up 25 percent at $6.84 in early afternoon trade on the Nasdaq (NASDAQ: news) .
(Reporting by Susan Heavey) Keywords: MATRIXX INSPECTION/
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