Caraco limps along following its September agreement to an FDA consent decree.
After June's product seizures in Michigan, prompted by repeated cGMP violations, the generics maker is struggling to make the fixes needed before regulators will give it the green light to resume manufacturing ops. The company says it will attempt to have some of the seized inventory released, including $8 million worth raw material, according to a Reuters report.
The inadvertent good news: The company expects a decline in R&D costs as it puts a part of that team to work on efforts to regain compliance and technical validations. Not good: The company said it instituted indefinite layoffs of about 430 employees in two phases. In June, it had terminated half its workforce.
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