Healthcare Industry News: Coreg
News Release - September 5, 2007
Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Coreg(R)DETROIT, Sept. 5 (HSMN NewsFeed) -- Caraco Pharmaceutical Laboratories, Ltd., (Amex: CPD ) announced today that the US Food and Drug Administration (FDA) has granted final approval for the Company's Abbreviated New Drug Application (ANDA) for Carvedilol Tablets, 3.125 mg, 6.25 mg, 12.5 mg and 25 mg (Carvedilol).
Carvedilol is an alpha/beta-adrenergic blocking agent indicated for the treatment of left ventricular dysfunction following myocardial infarction in clinically stable patients, and hypertension. This new product is the bioequivalent to CoregŪ, a registered trademark of GlaxoSmithKline. CoregŪ had U.S. sales of approximately $1.59 billion for the 12-month period ended June 30, 2007, according to IMS Data.
Daniel H. Movens, Caraco's Chief Executive Officer, said, "We are pleased to receive this approval from the FDA. This marks the fifth approval this quarter in addition to the two tentative approvals we have gained during the period. Our focus continues to be working towards broadening our portfolio by expanding our product offerings as effectively as possible. We plan to market this product immediately. This will bring our total product selection to 39 different products represented by 82 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
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