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Wednesday 12 July 2006
Caraco Granted FDA Approval For Generic Anti-Diabetic Drug Glucotrol
On Wednesday, Caraco Pharmaceutical Laboratories Ltd., a provider of generic and private-label pharmaceuticals, revealed it has obtained approval for the company's Abbreviated New Drug Application for the new genetic anti-diabetic drug, Glipizide tablets from the U.S. Food and Drug Administration or FDA.
The Detroit, Michigan based company noted that the Glipizide tablets are adjunct to diet for the control of hyperglycemia and the related symptomatology in patients suffering from non-insulin-dependent diabetes mellitus Type-2 diabetes. Glipizide is the generic counterpart of Pfizer's anti-diabetic drug, Glucotrol.
Daniel Movens, Chief Executive Officer of Caraco stated that the company plans to produce and market the product immediately in both 5mg and 10mg tablet forms. With the FDA approval, the company's total marketed product selection has grown to 21 different products represented by 45 strengths, Movens added.
CPD is currently trading at $9.45, up $0.07 or 0.75%, on a volume of 42,900 shares.