LARGO, Fla., Nov. 12 GeoPharma, Inc.(Nasdaq: GORX) (the "Company") GeoPharma, Inc. announced today it has receivedan approval from the FDA to begin producing Carprofen.
Commonly marketed by Pfizer as Rimadyl(TM), Carprofen is a non-steroidalanti-inflammatory drug (NSAID) that is used by veterinarians for the relief ofpain and inflammation associated with osteoarthritis in dogs. Additionally,Carprofen is often used in the treatment of postoperative pain associated withsoft tissue and orthopedic surgeries in dogs.
"This is a major step forward in the company's tactical plans to offergeneric drugs," stated GeoPharma CEO Mihir K. Taneja. "We are tremendouslypleased to have received final approval on Carprofen from the FDA for both thecompany and our shareholders. GeoPharma has anticipated this approval and iswell prepared to have its arrival begin to translate into sales and net incomealmost immediately. This is the first of what we anticipate will be manyapprovals for GeoPharma. We continue to be enthusiastic about our drugpipeline which holds 12 ANDAs and other drug products in various stages ofdevelopment and the approval process. It is our hope to receive additionalapprovals by the end of our fiscal year on other drugs, as well as aproduction approval of our dedicated 100,000 Sq. Ft. Beta Lactam manufacturingfacility located in Baltimore, Maryland," added Mr. Taneja.
The company detailed its plans to produce Carprofen in three strengths 25mg, 75 mg, and 100 mg caplets, allowing for appropriate dosing and costeffective pain management for the animals. Furthermore, the companyreiterated its strategic commitment to aggressively pursue attractive genericdrug and medical device opportunities wherever they present themselves.
About GeoPharma Inc: GeoPharma, Inc. is a rapidly growing pharmaceuticalcompany specializing in the manufacturing and distribution of over-the-counter, nutritional, generic drug and functional food products, as well as,health and beauty products for companies worldwide. This is accomplished byutilizing our wholly owned subsidiaries Innovative Health Products, Inc., LibiLabs, Belcher Pharmaceuticals, Inc. and Breakthrough Engineered Nutrition,Inc. Innovative Health Products and Libi Labs specialize in the developmentand manufacture of a broad range of nutritional supplements andcosmeceuticals. As a contract manufacturer, we develop and manufacture dietarysupplements as well as health and beauty care products for distributionthrough various outlets. Belcher Pharmaceuticals, Inc is a state-of-the-artFDA-registered, drug development and manufacturing facility for generic andover-the-counter ("OTC") drugs. Breakthrough Engineered Nutrition, Inc.develops markets and distributes its own branded dietary supplements.Currently, DEX-L10, DEX-C20, OxyFirm and Cortiloss are among Breakthrough'stop selling dietary products. Breakthrough's products are distributednationwide and internationally in specialty, food, drug and mass outlets,including Target, Wal-Mart, GNC, Walgreens, CVS, Rite Aid, Duane Reade andmany others. We also have an established network of brokers and distributorsstrategically located across the United States and Canada. GeoPharma's growthstrategy is to capitalize on its manufacturing expertise to develop highmargin generic or novel drugs for niche markets with high barriers to entry.GeoPharma's competitive advantage lies in its ability to circumvent orovercome the challenges in these markets. For more about GeoPharma, Inc., goto our websites at www.geopharmainc.com, www.hoodiadexL10.com, andwww.onlineihp.com
This press release may contain statements, which constitute forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995, including those regarding the company and itssubsidiaries' expectations, intentions, strategies and beliefs pertaining tofuture performance.