On June 16, 2009, Shares of Matrixx Initiatives lost almost 70% of their value after the Food and Drug Administration warned consumers to stop using the company's Zicam cold-remedy products. The FDA said it has received more than 130 reports that the Matrixx products -- nasal gels and swabs marketed under the Zicam brand name -- caused a loss of the sense of smell "that may be long lasting or permanent." Included in the three products is a version marketed for children. The FDA has been receiving these complaints for 10 years, since the zinc-based Zicam first hit the market in 1999, the agency said. Because Zicam is an herbal remedy, it did not go through the rigorous testing the FDA applies to pharmaceuticals and other medical therapies.

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