Kentucky Zicam Attorney: Zicam Maker's Stock Falls on FDA News About Loss of Smell
According to CNN, the maker of Zicam is suffering a serious decline in the value of its stock following an FDA warning to consumers about the use of the Zicam Nasal products and their potential for causing a loss of the sense of smell.
Bahe Cook Cantley & Jones product liability lawyer Larry Jones says, "The makers of Zicam profited for a long time despite reports that their product was defective. Let's hope they or their insurance company step up to compensate those users who have lost their sense of smell. These folks will never be able to appreciate the smell of fresh flowers, a newborn baby or a gourmet dinner again. This is a real tragedy that this product wasn't pulled sooner."
NEW YORK (CNNMoney.com) -- Consumers should discontinue use of Zicam Cold Remedy nasal gel and related products because they can can permanently damage users' sense of smell, the government said Tuesday.
In a press release, the U.S. Food and Drug Administration advised consumers to stop use of three over-the-counter Zicam Cold Remedy products: nasal gel, nasal swabs and the discontinued "kids size" swabs.
The FDA warned the three products could cause anosmia, the loss of sense of smell, which "may be long-lasting or permanent."
Zicam is considered a "remedy" rather than a drug, and federal law allows herbal supplements to be marketed without the government oversight required of food and drugs.
After that news was released, shares of Scottsdale, Ariz.-based Zicam manufacturer Matrixx Initiatives Inc. (MTXX) plummeted 55.5% to $8.56 before trading was halted.
Matrixx responds
About 130 consumers since 1999 have reported a loss of smell after using Zicam products. Many said the condition occurred after their first dose, the FDA said.
The FDA advised anyone who has experienced problems after using Zicam products to contact a doctor. The agency noted that besides harming a person's quality of life, loss of smell can limit the ability to detect gas, smoke or other signs of danger in the environment.
The agency sent Matrixx a warning letter saying these products can no longer be marketed without FDA approval, according to its press release.
Other "remedies" may still be marketed without oversight, but Zicam now requires formal approval because of the product's safety issues.
A note on Matrixx's Web site, titled "Response to Those Who Are Concerned About Zicam's Purported Connection to Anosmia," says the products are safe and that "allegations to the contrary are scientifically unfounded and misleading."
However, the Matrixx note does acknowledge lawsuits that have been brought against the company, saying, "Although plaintiffs and their attorneys hoping for financial gain have sued Matrixx, no plaintiff has ever won a court case, because there is no known causal link."
Bahe Cook Cantley and Jones pharmaceutical and dangerous products attorney Larry Jones says, "The FDA doesn't make such warnings without due cause to suggest that consumers are in serious danger. I applaud the FDA for its action on the Zicam nasal products."
For more information about Zicam and the the FDA warnings, visit http://www.kentuckyinjurylaw.com/
