Complaint filed against drug ‘Prevagen’ claiming fraud
SAN DIEGO (KUSI) — America’s bestselling memory supplement is under heavy criticism after a government lawsuit claimed there is no real scientific evidence it actually works.
It’s called Prevagen and it’s made by the company, "Quincy Bioscience."
It’s advertised nationwide on every major TV network as a product that uses a protein taken from jellyfish.
The protein is called Apoaequorin and the company claims it helps improve memory loss.
It’s one of the most popular products of its kind with $165 million worth of sales. But the Federal Trade Commission said the company’s own clinical study failed to show any statistical improvement on its test subjects.
It also isn’t regulated by the Federal Drug and Food Administration.
Now, the FTC and the New York Attorney General have filed a complaint, saying, "The marketing for Prevagen is a clear-cut fraud, from the label on the bottle to the ads airing across the country,"
Quincy Bioscience then fired back saying, "Quincy has amassed a large body of evidence that Prevagen improves memory and supports healthy brain function."
And company officials said they will defend themselves against government officials who attack small businesses like theirs.