ANI Pharmaceuticals Announces FDA Approval and Commercialization of Two ANDAs with CGT Exclusivity
ANI Pharmaceuticals receives FDA approval for two generic drugs, Methsuximide Capsules and Alendronate Sodium Oral Solution, which have a combined annual market value of $6.3 million.
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ANI Pharmaceuticals receives FDA approval for Methsuximide Capsules and Alendronate Sodium Oral Solution, two generic drugs with a combined annual market value of $6.3 million.
05/15/2023 - 06:50 AM
BAUDETTE, Minn. --(BUSINESS WIRE)--
ANI Pharmaceuticals, Inc. (ANI or the Company) (Nasdaq: ANIP) today announced that it received U.S. Food and Drug Administration (FDA) approval for the Abbreviated New Drug Applications (ANDAs) for Methsuximide Capsules USP, 300 mg and Alendronate Sodium Oral Solution 70 mg (base)/75 mL. Methsuximide Capsules has been granted 180-day Competitive Generic Therapy (CGT) Exclusivity, and Alendronate Sodium Oral Solution is eligible for CGT Exclusivity upon launch.
ANI’s Methsuximide Capsules are the generic version of the Reference Listed Drug (RLD) Celontin® Capsules and ANI’s Alendronate Sodium Oral Solution is the generic version of the RLD Fosamax® Oral Solution. The current annual U.S. market for Methsuximide Capsules and Alendronate Sodium Oral Solution is approximately $6.3 million
"The FDA approval and launch of Methsuximide Capsules and Alendronate Sodium Oral Solution represent our ability to drive generics business growth through superior new product launch execution. Our R&D team continues to build strong momentum, and with these launches, we expect to share the top spot in CGT approvals,” stated Nikhil Lalwani, President and Chief Executive Officer of ANI.
About ANI
ANI Pharmaceuticals, Inc. is a diversified bio-pharmaceutical company serving patients in need by developing, manufacturing, and marketing high quality branded and generic prescription pharmaceutical products, including for diseases with high unmet medical need. Our team is focused on delivering sustainable growth by building a successful Purified Cortrophin® Gel franchise, strengthening our generics business with enhanced development capability, innovation in established brands and leveraging our North American manufacturing capabilities. For more information, please visit our website www.anipharmaceuticals.com .
Forward-Looking Statements
To the extent any statements made in this release deal with information that is not historical, these are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, those relating to the commercialization and potential sales of the product and any additional product launches from the Company’s generic pipeline, other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “plans,” “potential,” “future,” “believes,” “intends,” “continue,” other words of similar meaning, derivations of such words and the use of future dates.
Uncertainties and risks may cause the Company’s actual results to be materially different than those expressed in or implied by such forward-looking statements. Uncertainties and risks include, but are not limited to, the risk that the Company may face with respect to importing raw materials and other ingredients and supplies necessary for manufacture of our products; competition from other products; acquisitions; contract manufacturing arrangements; delays or failure in obtaining and maintaining product approval from the U.S. Food and Drug Administration; general business and economic conditions, including the ongoing impact of and uncertainties regarding the COVID-19 pandemic and inflationary pressures; market trends; products development; regulatory and other approvals and marketing.
More detailed information on these and additional factors that could affect the Company’s actual results are described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other filings with the SEC. All forward-looking statements in this news release speak only as of the date of this news release and are based on the Company’s current beliefs, assumptions, and expectations. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005243/en/
Investor Relations:
lwilson@insitecony.com
Source: ANI Pharmaceuticals, Inc.
ANI Pharmaceuticals received FDA approval for Methsuximide Capsules and Alendronate Sodium Oral Solution.
The annual market value of Methsuximide Capsules and Alendronate Sodium Oral Solution is $6.3 million.
The President and CEO of ANI Pharmaceuticals is Nikhil Lalwani.
ANIP Rankings
#367 Ranked by Stock Gains
ANIP Stock Data
Industry
Biological Product (except Diagnostic) Manufacturing
Sector
Manufacturing
Tags
Health Technology, Pharmaceuticals: Other, Manufacturing, Biological Product (except Diagnostic) Manufacturing
Country
US
City
Baudette
About ANIP
ani pharmaceuticals is an integrated specialty pharmaceutical company focused on delivering value to our customers by developing, manufacturing, and marketing high quality branded and generic prescription pharmaceuticals. we focus on niche and high barrier to entry opportunities including controlled substances, anti-cancer (oncolytics), hormones and steroids, and complex formulations. our two pharmaceutical manufacturing facilities located in baudette, minnesota are capable of producing oral solid dose products, as well as liquids and topicals, controlled substances, and potent products that must be manufactured in a fully-contained environment. our objective is to create long term shareholder value by building a sustainable and growing base business in generic and mature brand pharmaceutical products while advancing an opportunity to re-commercialize cortrophin gel and cortrophin-zinc.
