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OSIM: Not affected by Oregon GNC case
LIFESTYLE products group OSIM International said on Friday that it does not sell the allegedly illegal GNC supplements mentioned in a case brought against GNC by the state of Oregon in the US.
"OSIM has confirmed that none of these products are sold by the group," a spokeswoman told The Business Times on Friday afternoon.
On Thursday trading in the US, health and wellness chain GNC plunged as much as 21 per cent after Oregon sued the company, claiming that its nutritional and dietary supplements were adulterated with unapproved drugs.
The state said the drugs are picamilon, a Russian prescription medicine for neurological conditions, and BMPEA, a synthetic replacement for amphetamines.
"The claims made by the Oregon Attorney General are without merit and GNC intends to vigorously defend against these allegations," GNC said in a statement on its website.
"In response to FDA (US Food and Drug Administration) statements regarding the regulatory status of BMPEA and picamilon, GNC promptly took action to remove from sale all products containing those ingredients."
OSIM is the sole franchisee for GNC in Singapore, Malaysia, Taiwan and Australia.
As of 4.08pm on Friday, OSIM shares were up three cents to S$1.64, or 1.9 per cent higher.