UPDATE 1-KV Pharma gets FDA nod to relaunch product; shares jump

* Sees beginning shipments of the product next week

* FDA to continue investigating other products

* Shares soar as much as 92 pct

Sept 10 (BestGrowthStock) – KV Pharmaceutical Co (KVa.N: ) said it
got U.S. regulatory approval to reintroduce its first product
that was pulled out of market due to manufacturing problems,
and expects to begin shipments next week, sending its shares up
as much as 92 percent.

The troubled drugmaker, which was earlier sued by the U.S.
Department of Justice, faced the U.S. Food and Drug
Administration investigations for violating manufacturing
guidelines and was stopped from making and shipping any of its
drugs.

The company said the FDA inspected its quality systems,
manufacturing processes and facilities during the week of Aug.
16.

The company, a maker of women’s healthcare products,
pharmaceutical ingredients and generic drugs, received approval
to market two doses of its potassium chloride product, named
Micro-K, that is used to treat hypokalemia or low blood
potassium.

The FDA is expected to conduct additional inspections with
respect to the company’s other products before deciding whether
they can be manufactured and marketed, St. Louis,
Missouri-based KV said in a statement.

The company’s class-A shares, which have lost more than
half their value this year, were up 73 percent at $2.92 in
early morning trade Friday on the New York Stock Exchange. They
touched a high of $3.25 earlier in the session.
(Reporting by Esha Dey in Bangalore; Editing by Maju Samuel)

UPDATE 1-KV Pharma gets FDA nod to relaunch product; shares jump