Q3loss/Positive news/trend reverseHi-Tech Pharmacal Co., Inc. announced today that the US Food and Drug Administration (FDA) has granted final approval to the Company's Abbreviated New Drug Application (ANDA) for Ofloxacin otic solution, 0.3%. Hi-Tech's Ofloxacin otic solution is the generic equivalent of Daiichi's Floxin(R) otic solution, 0.3% indicated for the treatment of bacterial infections of the ear which in 2007, had sales of $105 million according to IMS.
Hi-Tech Pharmacal Co., Inc. (Hi-Tech) is a specialty manufacturer and marketer of prescription, over-the-counter and nutritional products.
Mar. 10, 2008 -- Shares of Hi Tech Pharmacal (NASDAQ:HITK) slipped Monday after the Amityville, NY-based maker of generics and prescription drugs and nutritional products swung to a fiscal third-quarter loss on a 16% decline in revenue.For the three month period ended Jan. 31, the company reported a net loss of $1.54 million, of 14 cents a share, compared with net income of $726,000, or 6 cents a share, in the prior year period.
Hi Tech reported net sales of $15.1 million, down from $18 million last year.
FDA approval reversed the downtrend in the shares price and most likely it is gonna test EMA 200 slightly under 11 which may become key level to shoot up or trade in range .