💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Smith & Nephew responds to FDA, sees no impact

Published 12/29/2010, 09:52 AM
Updated 12/29/2010, 10:09 AM

* Smith & Nephew says has not yet seen FDA's warning letter

* Says has taken remedial action to address earlier concerns

* Sees no supply problems, no patient incidents reported

LONDON, Dec 29 (Reuters) - Replacement joint maker Smith & Nephew said on Wednesday the supply of one of its hip devices would not be affected by U.S. regulator concerns over manufacturing procedures at its facility in Tuttlingen, Germany.

The U.S. Food and Drug Administration (FDA) said in a letter dated Dec. 21 that certain required tests were not performed and the company had failed to establish and maintain procedures to correct problems, identified in July, in the manufacture of the R3 Ceramic Acetabular Systems.

Smith & Nephew said it had not yet seen the contents of the letter, but said it had taken remedial action to solve issues raised by the FDA in July and could continue to meet demand for the device from production at its other plants. "The device is also made in Warwick, UK, and Memphis so there is no problem in supply," a company spokesman said.

"The FDA raised the issue in July and Smith & Nephew has put in place remedial action," he added. "Presumably the FDA is not happy with that remedial action but we do not know what the issue is."

He said there had been no reports of patient incidents.

Shares in the company shed 2 percent earlier on Wednesday after the FDA's warning was reported. They were 0.8 percent lower at 680 pence by 1419 GMT, underperforming a 0.2 percent lower FTSE 100 index. (Reporting by Paul Sandle; editing by Louise Heavens)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.