Neogen shares fell 5.4% in the afternoon session after the U.S. Food and Drug Administration issued warning letters to the company following laboratory tests that uncovered fungal contamination in its veterinary product HYCOAT. The FDA said tests identified multiple fungal species in Neogen Vet HYCOAT, a product marketed as sterile, and the contamination caused severe joint infections in nearly 100 horses and resulted in at least 20 horse deaths. The incident represents the highest number of horse fatalities ever linked to a quality issue in an FDA-regulated veterinary product. Neogen's shares are very volatile and have had 22 moves greater than 5% over the last year, and the stock is up 82.5% since the beginning of the year, trading at $12.77 per share close to its 52-week high of $13.98.
Neogen CorporationFDA warning letters over fungal contamination in Neogen Vet HYCOAT, linked to horse infections and deaths, hit the company directly.
Shanghai Henlius Biotech Inc
