Sinovac Biotech Ltd. (SVA) released a statement clarifying the situation regarding the suspension of its most important product, the hepatitis A vaccine Healive. The company said the Health Services Bureau of Fengtai District in Beijing suspended the use of just 83 doses of the drug. The action came after the death of a minor who had been treated with the vaccine two days previously.
The suspended vaccine came from lot 2008052105, of which 19,850 doses have been distributed. The lot passed routine government inspection in July 2008. Most importantly, the company said no other adverse reactions have been reported thus far.
Following the death, on November 29, 2008, the Beijing Drug Administration and the Drug Administration of the Haidian District of City of Beijing conducted a joint administrative investigation, including an inspection of the company's manufacturing site and review of its manufacturing, inspection and sales processes. In a written report, they concluded that no safety infractions were found.
Separately, Sinovac reported that its Board of Directors authorized a buyback of up to $2 million of the company’s common shares over a one-year period.
Investors were slightly relieved that the problem does not seem as dire as it appeared Monday, following the first announcement and without any statement from Sinovac. Sinovac recovered some of Monday’s loss, rising 6 cents to $.91 in heavy volume. However, Sinovac remains close to its all-time low. Over the past 52 weeks, it has traded in a range from $.75 to $5.50. Currently, the company has a market capitalization of only $39 million.
Sinovac Breathes Easier: Vaccine Casualty Limited to One Case
No comments:
Post a Comment