Sunshine Biopharma Launches a New Generic Prescription Drug

Rhea-AI Summary

Sunshine Biopharma (NASDAQ:SBFM) has launched Ursodiol, a new generic prescription drug, through its Canadian subsidiary Nora Pharma. Ursodiol, a generic version of URSO DS®, is used for managing cholestatic liver diseases and gallstone treatment. The global Ursodiol market, valued at $457.9 million in 2022, is projected to reach $933.9 million by 2029, with a 10.7% CAGR. This marks the company's third product launch this year in the Canadian generic drugs market, which is estimated at $9.7 billion in 2023 and expected to grow to $19.2 billion by 2032.

Positive

• Launch of new generic drug Ursodiol in Canadian market
• Third product launch in 2023, showing consistent product expansion
• Target market (global Ursodiol) expected to grow from $457.9M to $933.9M by 2029
• Operating in Canadian generic drugs market projected to reach $19.2B by 2032

Negative

• None.

FORT LAUDERDALE, FL / ACCESSWIRE / November 22, 2024 / Sunshine Biopharma Inc. (NASDAQ:SBFM) (the "Company"), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that its wholly owned Canadian subsidiary, Nora Pharma Inc., has launched a new generic prescription drug.

The newly launched drug is Ursodiol, a generic version of URSO DS^®. Ursodiol, also known as ursodeoxycholic acid (UDCA), is indicated for the management of cholestatic liver diseases, including primary biliary cirrhosis (PBC). Ursodiol is also used to (i) dissolve gallstones in people who do not want surgery or cannot have surgery to remove gallstones, or (ii) prevent the formation of gallstones in overweight people engaged in a rapid weight loss program. Nora Pharma's Ursodiol is available for the Canadian market in 250 mg and 500 mg tablets.

The market size of Ursodiol in Canada is part of the broader global Ursodiol market, which is projected to grow significantly. The global Ursodiol market was valued at approximately $457.9 million in 2022 and is expected to reach around $933.9 million by 2029, with a compound annual growth rate (CAGR) of 10.7%.

"This is the third new product we have introduced this year. We continue to grow through the addition of new products to strengthen our presence in the Canadian generic drugs market which was estimated to be $9.7 billion in 2023 and is projected to grow to $19.2 billion by 2032," said Dr. Steve Slilaty, CEO of Sunshine Biopharma.

About Sunshine Biopharma Inc.

Sunshine Biopharma currently has 63 generic prescription drugs on the market in Canada and 31 additional drugs scheduled to be launched in the remainder of 2024 and in 2025. Among the new drugs to be launched is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy.

In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.

All registered trademarks are the property of their respective owners.

Safe Harbor Forward-Looking Statements

This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the "Company") that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company's drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company's filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company's most recent SEC filings.

For Additional Information:

Sunshine Biopharma Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com

SOURCE: Sunshine Biopharma, Inc.

View the original press release on accesswire.com

FAQ

What new drug did Sunshine Biopharma (SBFM) launch in November 2023?

Sunshine Biopharma launched Ursodiol, a generic version of URSO DS®, available in 250mg and 500mg tablets for the Canadian market.

What is the projected market size for Ursodiol by 2029?

The global Ursodiol market is expected to reach $933.9 million by 2029, growing at a CAGR of 10.7% from $457.9 million in 2022.

How many new products has SBFM launched in 2023?

Sunshine Biopharma has launched three new products in 2023, with Ursodiol being the latest addition to their portfolio.

What are the medical uses of Ursodiol (SBFM's new drug)?

Ursodiol is used for managing cholestatic liver diseases, dissolving gallstones in patients who cannot have surgery, and preventing gallstone formation in overweight people during rapid weight loss.