Fed: Pan to make statement on its situation today
The company at the centre of Australia's largest ever medical recall, Pan Pharmaceuticals,is expected to make a statement on its situation today.
Pan's licence was suspended this week over safety and quality fears, leading to a crisisin the alternative health industry.
Trading in Pan's shares has been halted.
The Australian Securities and Investments Commission is investigating whether the companyfulfilled its corporate disclosure obligations after it was notified of its suspensionby the Therapeutic Goods Administration.
A Pan director, COLIN HENSON, says the suspension of the company's licence came likea bolt from the blue and a board committee will fully review the allegations against thefirm.
Pan produces 70 per cent of Australian herbal and over-the-counter medicines.
A list of products supplied by Pan Pharmaceuticals to other companies is expected tobe on the TGA website by tonight.
The website is www.tga.gov.au.
AAP RTV dep/wz/rca
KEYWORD: PAN (CANBERRA)
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