News Briefs

IVC Receives $30 Million Credit Facility

IVC Industries Inc. (IVCO) said it received a $30 million credit facility from Chase Manhattan Bank, its current bank, and Citizens Business Credit Co., a subsidiary of the Royal Bank of Scotland. The line resolves credit defaults, increases borrowing ability and eliminates restrictions.

Warner-Lambert Taps Galileo Laboratories to Develop Supplements

Galileo Laboratories Inc., a life-science company that focuses on discovery and development of evidence-based nutritional and pharmaceutical products, will work with Warner-Lambert Co. (WLA) to develop dietary supplements. Financial terms of the agreement were not disclosed.

Folexco Changes Name to

A.M. Todd Botanicals

Folexco of Montgomeryville, PA, which acquired East Earth Herb of Eugene, OR, in April, changed its name to A.M. Todd Botanicals. The company is an operating division of Zink and Triest, a member of the A.M. Todd Group of Companies.

Ornish Diet Studied as Alternative to Heart Surgery

Medicare will pay for as many as 1,800 elderly Americans with severe heart disease to try Dean Ornish, M.D.’s, ultralow-fat diet to see if it could be an alternative to heart surgery. Patients will become vegetarians and limit dietary fat to no more than 10% of total calories. They also will exercise regularly and learn stress-management techniques.

New GMO Diagnostic Test

Alchemy Laboratories Inc. of Dundee, Scotland, has developed a dipstick-type test that can detect the presence of two common novel proteins found in most genetically modified corn and flour. A similar testing apparatus has been available from Strategic Diagnostics Inc. (SDI) of Newark, DE, according to The Wall Street Journal.

New Funding for Dietary Supplements Research Centers

The Office of Dietary Supplements (ODS) at the National Institutes of Health (NIH) has announced awards to establish the first Dietary Supplements Research Centers with emphasis on botanicals. The University of California at Los Angeles (UCLA) and the University of Illinois at Chicago (UIC) won the competitive awards of about $1.5 million per year for five years, awarded in collaboration with the National Center for Complementary and Alternative Medicine.

CNS to Sell Breathe Right Globally

CNS Inc. (CNXS) signed an agreement with 3M Co. (MMM) to resume responsibility for international sales of its Breathe Right nasal strips beginning June 30, 2000. CNS will pay $6.35 million as a termination fee in 3Q99.

Spectrum Completes OFPI Acquisition

Spectrum Naturals Inc. completed its acquisition of Organic Food Products (OFPI) and formed Spectrum Organic Products Inc. (SOPI), a public company traded on the bulletin board system.

PlanetRx.com Announces

6 Million-Share IPO

Online drugstore PlanetRx.com Inc. (PLRX) in October announced its initial public offering of 6 million shares at $16/share. Underwriters are led by Goldman, Sachs & Co.; BancBoston Robertson Stephens; Hambrecht & Quist; and William Blair & Co.