DEA clears Lannett for pain-med ingredients

PHILADELPHIA - Lannett Company Inc., a manufacturer of generic pharmaceuticals, said that its wholly owned subsidiary, Cody Laboratories, has received approval from the U.S. Drug Enforcement Administration to directly import raw materials for processing into controlled substance medication for pain management.

"The import license allows Lannett to enter the pain management market, which has few competitors and favorable demographics," said Arthur Bedrosian, Lannett's president and chief executive officer.

Company shares opened at $4 this morning on the American Stock Exchange.

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