FTC, New York state accuse Prevagen's marketers with false advertising

The Federal Trade Commission and New York state are suing Quincy Bioscience for not having reliable scientific evidence to support the claim that the dietary supplement Prevagen improves a patient’s memory.

“The marketers of Prevagen preyed on the fears of older consumers experiencing age-related memory loss,” Jessica Rich, director of bureau of consumer protection, Federal Trade Commission (FTC), said in a press release. “Yet despite the defendants’ claims, there is no scientific proof that use of the product will improve memory or provide any other cognitive benefit.”

According to the release, the complaint alleges that Quincy Bioscience does not have the research and data necessary to back up its claim that “Prevagen is ‘clinically shown’ to support ‘clearer thinking’ and to ‘improve memory within 90 days.’”

“The marketing for Prevagen is a clear-cut fraud, from the label on the bottle to the ads airing across the country,” Eric Schneiderman, attorney general for the state of New York, said in the release. “It’s particularly unacceptable that this company has targeted vulnerable citizens like seniors in its advertising for a product that costs more than a week’s groceries, but provides none of the health benefits that it claims.”

The FTC and New York state alleged Quincy Bioscience’s own research proves the advertising is false, a claim the company vehemently denied.

“We vehemently disagree with these allegations … Prevagen is safe,” Quincy Bioscience stated in a press release.

The company also stated that the FTC is not in a position to make such allegations.

“The sole dispute rests on the interpretation and analysis of the data, with the regulators attempting to hold the company to a standard that is unreasonable, scientifically debatable, and legally invalid. Their experts simply disagree with ours over how to interpret the study results,” the company stated in its release. “The FTC should not be the arbiter in matters of scientific debate. We are proud of the work we have done to support Prevagen’s effects and believe our large body of evidence clearly satisfies the longstanding standard to support such claims.”

According to the attorney general’s release, Prevagen’s cost ranges from $24 to $69 for a bottle of 30 pills, and it is sold at major stores and online. U.S sales of the drug from 2007 through mid-2015, less refunds, totaled $165 million.