ST. LOUIS (AP) -- Shares of K-V Pharmaceutical Co. doubled on Friday after the drugmaker said it will make its first product shipment in almost two years next week after a successful facilities inspection by the Food and Drug Administration.
Shares jumped $1.14, or 67.5 percent, to $2.83 in morning trading. Earlier the stock nearly doubled to $3.26.
K-V, which pulled all its products off the market in January 2009 after a series of recalls, said it received approval to return its extended release potassium supplements Micro-K 10mEq and Micro-K 8mEq to market. It will make the first shipments the week of Sept. 13. The company said the FDA inspected its quality systems, processes and facilities in August. It received notice of the FDA's decision on Wednesday.
The company expects the FDA to conduct more inspections before approving the sale of any other products.
K-V sold drugs that had not been approved by the FDA, and it also made pills that were oversized. Earlier this year its Ethex generic drug business pleaded guilty to criminal charges that it did not inform regulators about the problems, and it was assessed $27.6 million in fines and restitution. The business is being shut down.
Shares jumped $1.14, or 67.5 percent, to $2.83 in morning trading. Earlier the stock nearly doubled to $3.26.
K-V, which pulled all its products off the market in January 2009 after a series of recalls, said it received approval to return its extended release potassium supplements Micro-K 10mEq and Micro-K 8mEq to market. It will make the first shipments the week of Sept. 13. The company said the FDA inspected its quality systems, processes and facilities in August. It received notice of the FDA's decision on Wednesday.
The company expects the FDA to conduct more inspections before approving the sale of any other products.
K-V sold drugs that had not been approved by the FDA, and it also made pills that were oversized. Earlier this year its Ethex generic drug business pleaded guilty to criminal charges that it did not inform regulators about the problems, and it was assessed $27.6 million in fines and restitution. The business is being shut down.
