Beximco Pharmaceuticals Ltd Commences Export to Canada (9202Q)

TIDMBXP

RNS Number : 9202Q

Beximco Pharmaceuticals Ltd

18 September 2017

18 September 2017

BEXIMCO PHARMACEUTICALS LTD.

Beximco Pharma commences export to Canada

First Bangladeshi pharmaceutical company to launch pharmaceutical products in Canada

Beximco Pharmaceuticals Limited ("BPL", "Beximco Pharma" or "Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, today announces it has commenced the export of Olopatadine, an ophthalmic product for treating the symptoms of eye allergy, to Canada. This follows the approval of Olopatadine (0.1% solution) by Health Canada in October 2016 and is the first time a pharmaceutical product from Bangladesh has been launched in this North American country.

According to IMS data, the current market size for Olopatadine eye drops (including all strengths) in Canada is $14 million. The first consignment was delivered on 16 September 2017 and the product will be distributed through the Company's existing partner in Canada. Beximco Pharma's second prescription product for the Canadian market is currently under evaluation by Health Canada, with approval expected by the first quarter of 2018. There are also a number of products in the R&D pipeline which the Company expects to file in Canada.

Beximco Pharma Managing Director, Mr Nazmul Hassan MP, commented:

"Entry into the Canadian pharmaceutical market, following the successful launch of our first product in the US last year, is a significant step forward in strengthening our presence in North America. This is the first time a pharmaceutical product manufactured in Bangladesh, notably a sterile ophthalmic product, has been exported to Canada. The launch of our second product in North America is another validation of our strength in offering specialised generic products in a global setting. We continue to focus on building a strong pipeline for prescription markets."

Beximco Pharma's ophthalmic unit is the only such facility in Bangladesh to be approved by the regulatory authorities of Europe, Australia and Canada. The Company has developed a global footprint, with sales to more than 50 countries.

For further information please visit www.beximcopharma.com or enquire to:

Beximco Pharma

Nazmul Hassan MP, Managing Director

Tel: [phone], ext.20080

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady / Sean Wyndham-Quin

Tel: [phone] / 3555

FTI Consulting

Simon Conway / Victoria Foster Mitchell

Tel: [phone]

Notes to Editors:

About Beximco Pharmaceuticals Limited

Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebuliser solutions, oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,500 employees of the Company.

Beximco Pharma's state-of-the-art manufacturing facilities are certified by global regulatory authorities of USA, Europe, Australia, Canada, GCC and Latin America, among others. The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in South East Asia, including Singapore, Taiwan, Malaysia, Indonesia, Philippines and Hong Kong; Africa, including South Africa, Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central Asia, including Azerbaijan; Middle East, including Kuwait and Jordan; Pacific Island countries; Latin and Central American countries; Europe, including Austria, Germany and Romania; Australia and the US.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 18, 2017 02:00 ET (06:00 GMT)