Healthcare Industry News: Sun Pharmaceutical Industries
News Release - April 27, 2007
Caraco Pharmaceutical Laboratories, Ltd. to Market Generic Nimotop(R)
DETROIT, April 27 (HSMN NewsFeed) -- Caraco Pharmaceutical Laboratories, Ltd. (Amex: CPD ) announced today that it will market Nimodipine Capsules, 30mg (Nimotop®) on behalf of Sun Pharmaceutical Industries, Inc. (Sun), a wholly owned subsidiary of Sun Pharmaceutical Industries, Ltd. Sun recently received approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Nimodipine.Nimodipine is a cardiac drug and belongs to the class of calcium channel blockers. This new product is bioequivalent to Nimotop®, a registered trademark of Bayer Pharmaceuticals. Nimotop® had U.S. sales of approximately $26.8 million for the 12-month period ended Dec. 31, 2006, according to IMS Data. Caraco is the first company to market the generic version of Nimotop® and has one strength available, 30mg soft gelatin capsules.
Daniel H. Movens, Caraco's Chief Executive Officer, said, "We are pleased to be the first company to market generic Nimotop®. It is also the first ANDA approved by the FDA for Sun Pharmaceutical Industries, Inc. out of Cranbury, New Jersey. We continue to focus on working towards expanding our product offering as quickly and effectively as possible. We plan to launch this product as the first entrant in the generic pharmaceutical market immediately. This will bring our total product selection to 30 different products represented by 66 various strengths."
Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers.
Safe Harbor: This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements. These risks and uncertainties are contained in the Corporation's filings with the Securities and Exchange Commission and include, but are not limited to: information of a preliminary nature that may be subject to adjustment, potentially not obtaining or delay in obtaining FDA approval for new products, governmental restrictions on the sale of certain products, development by competitors of new or superior products or cheaper products or new technology for the production of products, the entry into the market of new competitors, market and customer acceptance and demand for new pharmaceutical products, availability of raw materials, timing and success of product development and launches, dependence on few products generating majority of sales, product liability claims for which the Company may be inadequately insured, and other risks identified in this report and from time to time in our periodic reports and registration statements. These forward- looking statements represent our judgment as of the date of this report. We disclaim, however, any intent or obligation to update our forward-looking statements.
Source: Caraco Pharmaceutical Laboratories
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