Word: fda
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...need for a stronger inspection system has been underscored by a number of incidents. Last week three former inspectors for the Food and Drug Administration pleaded guilty to accepting bribes in return for approving mercury-tainted swordfish and decomposing lobster. And last month the FDA revealed that a shipment of contaminated tuna from Ecuador led to an outbreak of food poisoning involving 79 people in eight states...
...stock into a free fall. It plunged 46% at the next session and never recovered. The shares are now trading at around 11. But not all of Bioscience's shareholders got pummeled. Schein and five vice presidents managed to bail out just in time. In the period before the FDA's bombshell, they unloaded 1.2 million shares at prices ranging from...
...shots, did they know something that other investors didn't? The Bioscience executives refuse to say. But in a class action, a group of angry shareholders accuse the officers of cashing in on private information. The investors charge that the Bioscience insiders knew Ethyol would be rejected by the FDA as too untested, and that they deliberately misled the public about the prospects for the drug in order to sell their stock at inflated prices...
Critics, like anti-biotechnology activist Jeremy Rifkin, decried the FDA decision, arguing that tampering with nature could endanger consumers. In fact, though, many seemingly natural foods, including corn, nectarines and navel oranges, never existed before humans began to cross-breed -- a form of genetic engineering that simply takes a little longer than the laboratory version...
...fuss is remarkable for a product that wasn't even available seven months ago. Nicoderm, the first patch to be approved by the FDA, arrived on the market just in time to cash in on several million New Year's resolutions. Backed by a massive ad campaign, marketer Marion Merrell Dow Inc. quickly created a huge demand, which soon outstripped supply. That was good news for rival Ciba-Geigy Corp., which now claims more than half the market, in contrast to about 30% for Nicoderm. But Ciba-Geigy, which has already sold more than 70 million Habitrol patches, has been...