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Shares of Phoenix-Based Medical Products Firm Skid on FDA Panel's Vote.
Knight Ridder/Tribune Business News, January, 1999 by Gilbertson, Dawn
Knight Ridder/Tribune Business News
Jan. 14 -- Zila Inc., a darling of local investors for its much-touted oral cancer test, saw its stock plunge Wednesday after an advisory panel rejected regulatory approval of the product.
The stock, one of the top 10 gainers among Arizona companies in 1998, fell 44 percent -- from $9.63 to $5.38 -- on extremely heavy volume. It was the biggest loser on the Nasdaq Stock Market.
The drubbing came after the Oncologic Drugs Advisory Committee for the U.S. Food and Drug Administration unanimously voted against recommending FDA approval of OraTest, Zila's mouth rinse program. The FDA usually follows the advice of its expert panels, but is not required to do so.
Panel members' were concerned with Zila's...
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