In Brief: Elcelyx splits business, Hi-Tech quarterly results, e-cigarettes study, FDA warning letters
This article was originally published in The Tan Sheet
Elcelyx spins out weight-loss supplement; Hi-Tech OTCs get boost from Mag-Ox; e-cigarettes effectively help smokers quit; Irenda “use by” dates require support, FDA says; FDA warns Metagenics over medical food claims; McNeil recalls Motrin product; FDA approves Perrigo’s bubble gum version of Zyrtec.
You may also be interested in...
Akorn’s $650 million acquisition of Hi-Tech Pharmacal provides a potential long-term platform for Rx-to-OTC switches and offers additional OTC cross-selling opportunities with retailers. Akorn CEO Raj Rai calls the transaction a “transformative event” that will be instantly accretive for the firm.
The Series B funding enables the San Diego biotech to advance a weight loss supplement to the cusp of commercialization. Elcelyx, also moving a delayed-release formulation of diabetes drug metformin into mid-stage trials, so far has received some $20 million in venture capital.
Abbott is launching a second test to detect COVID-19. The diagnostics giant announced on 27 March the release of a rapid, point-of-care test that can deliver results within five minutes.