Emergent BioSolutions stock gains after FDA approves the company's opioid overdose-reversing nasal spray, Narcan, for over-the-counter sales.
Emergent BioSolutions Inc. announced Wednesday that the U.S. Food and Drug Administration approved its opioid overdose-reversing nasal spray, Narcan, for over-the-counter sales.
The news initially sent the drugmaker’s stock EBS soaring as much as 20%, but it has given up most of its gains to be up 6% in midday trading. The FDA’s approval was expected, as an FDA advisory committee had voted unanimously last month in favor of allowing over-the-counter sales of Narcan. “Today’s landmark FDA OTC approval for Narcan Nasal Spray marks a historic milestone as we have delivered on our commitment to make this important emergency treatment widely accessible, given the alarming rates of opioid overdoses occurring across the country,” said Chief Executive Officer Robert Kramer.
Emergent has said since its quarterly filing in November 2022 that “there is substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued.”
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