ReNu FDA Recall
Bausch & Lomb have officially issued a ReNu FDA recall for their popular ReNu with MoistureLoc contact lens solution as of May 15th, 2006. Production of ReNu with MoistureLoc was halted by Bausch & Lomb in February of 2006 while the Food and Drug Administration investigated the link between use of the contact lens solution and the development of a serious eye infection called Fusarium Keratitis.
The decision to officially issue a ReNu FDA recall comes on the heels of an FDA investigation (the results of which are pending) that has thus far found a correlation between the use of ReNu with MoistureLoc and the onset of Fusarium Keratitis. Spokespeople for the FDA have stated that although other such contact lens products carry a risk of eye infection, the risks associated with the use of ReNu with MoistureLoc proved to be significantly higher.
Impact of the ReNu FDA Recall
It is too early to determine what the impact of the ReNu FDA recall will be, though one can reasonably conclude that it will have a significant effect on both short and long term Bausch & Lomb profitability. In only its second year in production (2005), ReNu with MositureLoc generated a whopping $100 million in gross-revenue. This accounted for approximately 5% of Bausch & Lomb’s annual revenue of $2 Billion. Bausch & Lomb stock has already dipped more than 35% in the first quarter of 2006, though it has recently seen a slight rebound as the eye health company continues to clarify its position in relation to Fusarium Keratitis.
There have already been more than 122 cases of Fusarium Keratitis reported in relation to contact lens solution, most of which have been linked with the use of ReNu with MoistureLoc. Each person who has developed a personal injury as a result of using the Bausch & Lomb contact lens solution will expectedly be eligible to receive compensation for their injuries. Initial reports have suggested that the total cost of ReNu with MoistureLoc liability could cost Bausch & Lomb anything from $500 Million to $1 Billion.
In addition to the financial losses related to the recalled MoistureLoc product, the negative publicity is expected to impact sales of other Bausch & Lomb contact lens materials and solutions, potentially threatening the long-term profitability of the eye health company.
ReNu with MoistureLoc Lawsuits
Of the more than 30 million Americans using contact lenses, approximately 2.3 million have used ReNu with MoistureLoc contact lens solution since it was introduced by Bausch & Lomb in 2004. As a result, more than 2.3 million Americans are therefore at risk of developing a serious case of Fusarium Keratitis that could eventually result in blindness.
On May 3rd, 2006, Aylstock, Witkin, Kreis & Overholtz filed one of the first ReNu Lawsuits in the country against Bausch & Lomb seeking individual damages from the eye health company for injuries caused to the firm’s client. On May 11th, 2006, Aylstock, Witkin, Kreis & Overholtz filed a petition before the Judicial Panel on Multi-District Litigation for consolidation and transfer of the related cases before a court in Florida. AWS is currently working with lawyers and law firms around the country in the initial litigation efforts to seek information from Bausch & Lomb, including taking the depositions of the key employees working for the eye health company with knowledge about the Fusarium Keratitis problem related with use of ReNu with MoistureLoc contact lens solution.
The defective product lawyers of Aylstock, Witkin, Kreis & Overholtz are committed to ensuring that its injured clients receive compensation from Bausch & Lomb for their compensable injuries. If you or a loved one has been injured as a result of using ReNu with MoistureLoc contact-lens solution or any other type of Bausch & Lomb product, contact the offices of Aylstock, Witkin, Kreis & Overholtz today to get information about your possible right to compensation. The lawyers representing Aylstock, Witkin, Kreis & Overholtz are some of the most experienced personal injury lawyers Pensacola, Florida has to offer.