FDA Approves Cocaine-Based Nasal Spray
A small-cap drugmaker just got approval for an anesthetic containing cocaine.
While using cocaine recreationally remains illegal, the drug does have some use in the medical profession. As it turns out, the Food and Drug Administration (FDA) has approved a nasal spray that contains cocaine as one of its ingredients.
Lannett Company (NYSE:LCI), a small-cap drug manufacturer, received FDA approval for Numbrino, the first branded drug in the company's 78-year history. The nasal spray will be marketed to doctors as a local anesthetic for minor surgeries around the nasal cavities of patients, but will not be available in retail pharmacies.
Shares of Lannett have shot up in response to the news, but the company has still lost around 85% of its market value over the past five years. Time will tell whether Numbrino's approval could be the start of a comeback for the company.
Written by: Mark Prvulovic (TMFmarkprvulovic)
Published on: Jan 14, 2020 at 6:47PM
https://www.fool.com/investing/2020/01/14/fda-approves-cocaine-based-nasal-spray.aspx