Abbott starts correction on blood glucose meters
ALAMEDA Abbott has started a worldwide medical device correction for its Precision Xtra, Optium, ReliOn Ultima, Rite Aid, and Kroger blood glucose meters that were manufactured after Jan. 31, 2007.
If the meter is dropped on a hard surface, it may affect the screen’s readability. Risks of not being able to read the test results include hypoglycemia or hyperglycemia.
Abbott Diabetes Care discovered the problem during testing which found the meters’ display can be jarred or disconnected when dropped, thereby making it difficult to read the lot number or date information; in some cases it caused the screen to appear completely blank.
Nutrition 21 sells stock, warrants to raise $17.8 million
PURCHASE, N.Y. Nutrition 21 has raised $17.8 million to be used in the advertising of its consumer healthcare products, the company announced Tuesday.
Nutrition 21 has entered into definitive agreements to privately place 17,750 shares of preferred stock and 6.7 million warrants (certificates entitling the holder to buy a specific amount of securities at a specific price for an extended period) for aggregate gross proceeds of $17.8 million.
The company intends to use the net proceeds from the sale of these securities primarily for marketing at retail and advertising Chromax, Iceland Health Omega 3 and Iceland Health Joint Relief, and for retail launches in the fall of its new Core4Life Advanced Memory Formula and Diabetes Essentials products.
The securities are being sold to a select group of institutional investors including Midsummer Investment and Fort Mason Capital. Collins Stewart served as lead placement agent and Life Science Group served as the co-lead on the offering. “We are pleased to receive the support of a number of high-caliber new and existing institutional investors,” stated Paul Intlekofer, president and chief executive officer of Nutrition 21. “Several of the investors in this financing have followed our strategy closely for some time and are in position to fully appreciate the strength and potential of our products and sales and marketing capabilities. Our products target markets significant in size and critical to quality of life and health. Heart disease continues to be the number one cause of death in the U.S. … [and] arthritis or joint pain is the second most frequently recorded chronic condition in the U.S.”
Each share of preferred stock has a stated value of $1,000 per share and subject to certain conditions is convertible into common stock at the option of the holder at $1.2158 per share. The warrants are exercisable for five years beginning six months after the closing at $1.2158 per share.
Adams celebrates 10-year anniversary
CHESTER, N.J. Adams Respiratory Therapeutics Tuesday morning announced that it will commemorate the 10th anniversary of its incorporation with a celebration for employees on Sept. 12 at Municipal Field (Gazebo Park) in Chester, New Jersey.
“On the occasion of this important milestone, I applaud our employees, whose talents and tireless efforts have fueled Adams’ phenomenal growth in the past several years,” stated Michael Valentino, Adams president and chief executive officer. “I’m proud of our accomplishments and I look forward to a second decade of success with multiple new product introductions and our planned expansion into the prescription respiratory market.”
Adams, best known for its Mucinex and Delsym cough and cold products and the nationwide Mr. Mucus consumer advertising campaign, commenced operations in Fort Worth, Texas in September 1997. In April 2004, the company relocated its corporate headquarters from Fort Worth to Chester. Adams currently employees nearly 500 people and its Chester facility houses more than 80 of its employees. The company has expanded its headquarter operations twice since relocating to Chester in 2004 and doubled its portfolio of marketed respiratory products this year.
Federal, state and local officials are scheduled to attend and participate in a ceremony recognizing Adams for its decade of success as a specialty pharmaceutical company focused on the treatment of respiratory disorders.
“I congratulate Adams Respiratory Therapeutics on its 10-year anniversary, and the tremendous growth and success that this company has achieved in such a short period of time,” stated Stanley Kosierowski, chief operating officer and senior vice president, business support, New Jersey Economic Development Authority. “It is New Jersey’s good fortune to have companies like Adams come to our state, where they create jobs, become good neighbors and corporate citizens, and continue New Jersey’s fine tradition of improving public health by providing important medicines for the entire nation.”
In August 2007, Adams was named to Deloitte & Touche’s prestigious Technology Fast 50 Program for New Jersey, a ranking of the 50 fastest growing technology, media, telecommunications, and life sciences companies in the area. Adams was ranked No. 7 overall, based on achieving a revenue growth rate of 1,638 percent from 2002 to 2006.