Vanc Pharmaceuticals (TSX: V.NPH, Stock Forum) significantly advanced its commercialization efforts in the Canadian generic drug market when the company announced today that it had received Notice of Compliance (NOC) from Health Canada for 22 generic molecules.
According to the news release, these molecules consist of 51 dosage forms across various therapeutic categories including both chronic and acute.
The NOC authorizes the company to market and sell these generic molecules in Canada and current aggregate annual domestic sales have been estimated at approximately $900.0 million.
Company CEO, Arun Nayyar, commented on the milestone, “As Western Canada's first generic drug company we are excited to have made a significant step towards commercializing our brand in the Canadian generics market.”
He went on to explain, “Over the coming two quarters we plan to begin manufacturing these products and commence sales and marketing activities in Q2-2015.”
Then concluded, “Our aim is to launch with additional products and we will provide further updates in the coming months.”
Vanc Pharmaceuticals was in the news recently when the Vancouver-based company announced that its OTC name change was in effect back in the middle of September.
Shares climbed 13.16% on the news to $0.215 per share.
Currently there are 36.8m outstanding shares with a market cap of $7.9 million.