Taro Pharmaceutical Industries (Nasdaq: TARO) announced yesterday that its wholly owned Canadian subsidiary, Taro Pharmaceuticals Inc., had received approval to market Ketoderm Cream (Ketoconazole Cream 2%) in Canada.
The cream is a prescription topical product used primarily to treat fungal infections of the skin. According to industry sources, the annual market for Ketoconazole Cream in Canada is currently $3.0 million.
Taro said its Canadian subsidiary received notification from the Therapeutic Products Directorate of Health Canada approving its Abbreviated New Drug Submission (ANDA) to manufacture and market the cream, which is equivalent to Nizoral Cream, a product of McNeil Consumer Products.
Taro believes its new product is the first generic equivalent to Nizoral Cream approved in Canada.
Taro chairman Barrie Levitt, MD said, “Ketoderm Cream adds an important antifungal product to Taro's wide range of prescription and over-the-counter topical pharmaceuticals in Canada. Patients, physicians and pharmacists in Canada will soon have this affordable, high-quality alternative.''
Taro shares fell 3.26% on Nasdaq on Tuesday, and closed at $26.41.
Published by Israel's Business Arena on 10 April, 2002