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July 29, 2009

Drugmaker Caraco's CEO resigns after raid

Quoted from http://www.detnews.com/article/20090729/BIZ/907290393/1361/Drugmaker-Caraco-s-CEO-resigns-after-raid

Drugmaker Caraco's CEO resigns after raid

Christina Rogers / The Detroit News     Wednesday, July 29, 2009

Detroit -- Daniel Movens, CEO of Detroit-based drugmaker Caraco Pharmaceutical Laboratories Ltd., resigned from the top executive position Tuesday following a raid by federal authorities in June that sought to halt distribution because of quality problems.

The resignation was effective by the close of business Tuesday. Jitendra Doshi, former Sun Pharmaceutical Industries Inc. director, was named interim CEO, a position he'd served prior to Movens taking the job in May 2005....

Earlier this year, Caraco voluntary recalled all tablets made under the company's brand Digoxin, a medicine used to treat heart problems.

In May, FDA inspectors found that the company hadn't adequately addressed numerous manufacturing problems, including tablets contaminated with metal scrapings and ill-shaped pills....

[Read full story at original source]

Posted at 02:22 PM in Digoxin |

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