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news.Jiangbo Pharmaceuticals has received Chinese State Food and Drug Administration (SFDA) approval to initiate production of Felodipine sustained release (SR) tablets, a generic drug to treat hypertension.
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Jiangbo Pharma expects to complete the pilot production requirements and receive final distribution approval from SFDA in July 2010.
Jiangbo Pharma plans to commence commercial distribution immediately following the receipt of such approval. Management anticipates the drug to be a meaningful contributor to its revenue a
nd profit starting in fiscal 2011 and estimates revenue potential for this drug to be between $8m and $12m in the first year of launch with a projected gross margin of at least 70%.
Cao Wubo, chairman and CEO of Jiangbo Pharma, said: “We are very excited to receive this important approval to produce Felodipine SR tablets, which we believe will be a key revenue and profit growth driver for us in the next few years.
“We are already preparing for the commercial production and launch of Felodipine SR tablets and plan to carefully select distributors to maximise our commercial opportunity for this new drug. We believe the addition of Felodipine SR tablets will enrich our product portfolio and strengthen our competitive market position, while providing more cost effective new medicine to meet growing patient demand.”