Drug Co. Misrepresented Products' FDA Status, SEC Says

Law360, New York (December 14, 2012, 7:16 PM EST) -- The U.S. Securities and Exchange Commission hit BioChemics Inc. with a lawsuit Friday in Massachusetts federal court, accusing the biopharmaceutical company of selling investors $9 million worth of stock by falsely suggesting that its products would soon secure the necessary regulatory approvals.

The SEC accuses BioChemics of misleading 70 investors from 19 states about the status of its products — gels that allow drugs to be delivered into the bloodstream through the skin — with the U.S. Food & Drug Administration, which had neither approved the...
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