Listed maker of arthritis supplement faces charges

The company behind arthritis supplement Arthrem is being prosecuted by the Ministry of Health. The directors of Promisia Integrative told the New Zealand stock exchange yesterday that the ministry was filing nine charges against the company, alleging that Arthrem was being sold as an unlicensed medicine. The ministry also claims some of Promisia’s marketing activities breached the Medicines Act 1981. Promisia’s chief executive, Rene de Wit, said it disputed all the charges, adding that Arthrem’s advertising had always been approved under the dietary supplement category. The company’s shares, which were trading at 0.9 cents a year ago, halved on yesterday’s news to 0.1c a share.