Japan's Kobayashi Pharmaceutical says it has decided to end manufacturing and sales of products using yeast-fermented rice called "beni-koji," after people who took dietary supplements containing the ingredient reported they suffered kidney problems and other serious health issues.

Yamane Satoshi, who became the company's president on Thursday, apologized for the scandal.

"When we looked at the current situation, we considered whether we would be in a position to continue the beni-koji business," Yamane said. "We thought it was necessary to make a decision quickly."

Former president Kobayashi Akihiro, a member of the company's founding family, is now an executive in charge of compensating victims.

Kobayashi said, "Completing all compensation will be a major step on the company's future path."

The drugmaker said it had received more than 300 reports of deaths as of Sunday. Company officials say they are investigating 107 of those cases to determine whether the ingredient is related to the fatalities.

The company booked a fresh extraordinary loss of more than 4 billion yen, or around 27 million dollars, to cover the costs of recalling the products.