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Reuters
Bloomberg
WASHINGTON, June 16 (Reuters) - U.S. regulators warned Matrixx Initiatives (MTXX.O) on Tuesday to stop selling zinc-containing, intranasal versions of its Zicam cold remedy after more than 130 reports of people losing their sense of smell.
The U.S. Food and Drug Administration also urged consumers to stop taking the over-the-counter products, agency officials said on a conference call with reporters.
Matrixx must seek FDA approval if it wants to continue selling the zinc-containing versions of Zicam that are administered through the nose, agency officials said. (Editing by Maureen Bavdek)
Bloomberg
June 16 (Bloomberg) -- Matrixx Initiatives Inc., maker of Zicam Cold Remedy products sold in drugstores, lost more than half its value in Nasdaq trading after U.S. regulators warned its products may cause users to lose their sense of smell.
Matrixx, based in Scottsdale, Arizona, fell $10.68, or 56 percent, to $8.56 before Nasdaq Stock Market trading was halted. That?s the biggest intraday decline since its 1996 initial public offering.
The Food and Drug Administration warned the company today its homeopathic Zicam Cold Remedy Nasal Gel, Gel Swabs and Kids Size swabs have been linked to more than 130 reports of people losing their sense of smell. The FDA letter says many homeopathic products can be sold without U.S. approval. Because of ?a significant and growing body of evidence? that the Zicam products ?may pose a serious risk to consumers,? the agency said Matrixx must get FDA approval for its remedies.