Turning Point Brands Down After FDA Denies Vapor Products Application
September 17 2021 - 10:39AM
Dow Jones News
By Michael Dabaie
Turning Point Brands Inc. shares fell 5% to $45.95 in morning
trading after the company said the U.S. Food and Drug
Administration denied its application to market some of its vapor
products.
Turning Point said it will continue to engage with the FDA and
other stakeholders as it considers options, including a formal
appeal of the decision and potential legal relief. "While we
believe the FDA's current conclusion is misguided, we will continue
our dialogue with the agency in search of a path forward," Chief
Executive Larry Wexler said.
The company said it stands behind its premarket tobacco product
application, which it said established "the products' continued
marketing would be 'appropriate for the protection of public
health,' the standard established by the Family Smoking Prevention
and Tobacco Control Act of 2009."
Turning Point's premarket tobacco product application included
an in-depth toxicological review, a clinical study, and studies on
patterns and likelihood of use, the company said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 17, 2021 10:24 ET (14:24 GMT)
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