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Edmonton’s Afexa reaches settlement with investors

Afexa Life Sciences, maker of the popular cold and flu treatmentCold-FX, has reached a settlement with investors who accused thecompany of misleading financial statements after the disappointinglaunch of its product in the United States.

Afexa Life Sciences, maker of the popular cold and flu treatment Cold-FX, has reached a settlement with investors who accused the company of misleading financial statements after the disappointing launch of its product in the United States.

The $7.1-million settlement comes after the company, formerly known as CV Technologies, reached an agreement last month with the Alberta Securities Commission related to “wrongly recognizing revenue” from its Cold-FX sales to U.S. retailers.

The settlements come as the Edmonton-based company rebrands under new management, tries to build up its sunken share price and prepares for its role as an official supplier at the Vancouver 2010 Winter Olympics.

 
 
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