Lannett Shares Jolted By FDA Approval Of Cocaine Spray For Nasal Surgery
Pharmaceutical products manufacturer Lannett Company, Inc. (NYSE:LCI) said Monday that its New Drug Application for cocaine hydrochloride nasal solution under the brand name Numbrino has received FDA approval.
Although cocaine is more commonly associated with drug abuse, the substance is also used for medicine purposes. In the U.S., it's a Schedule II drug, meaning that it has some approved medical uses.
Cannabis, on the other hand, is a Schedule I drug, meaning it has no approved medical uses.
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Cocaine is considered a good topical anesthetic and vasoconstricting agent, according to the American Academy of Otolaryngology-Head and Neck Surgery.
"The FDA's approval of our Cocaine HCl product, the first NDA approval to include full clinical trials in the company's history, marks a major milestone in Lannett's 70+ years of operations," CEO Tim Crew said in a statement.
"We believe the product has the potential to be an excellent option for the labeled indication. We expect to launch the product shortly, under the brand name Numbrino."
Numbrino nasal solution is an ester local anesthetic indicated for the introduction of local anesthesia of the mucous membranes for conducting surgeries or diagnostic operations through the nasal cavities of adults.
Lannett shares were trading 5.7% higher at $8.89 at the time of publication Tuesday.
Photo by robin_24 via Wikimedia.
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