FDA Approves Taro's Canadian Pharmaceutical Facility
FDA Approves Taro's Canadian Pharmaceutical Facility [Globes, Tel Aviv, Israel]
From Globes (Tel Aviv) (April 26, 2011)
April 26--Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF) can resume regular production at its Canadian manufacturing facility, after the US Food and Drug Administration (FDA) approved the facility, following a re inspection of the site in February 2011. The facility is located in the Toronto suburb of Brampton.
Taro said that the issues raised in the FDA warning letter of February 5, 2009 are considered to be resolved.
The FDA has been tightening its enforcement in recent years, sending warning letters to many pharmaceutical companies about faults found in their manufacturing facilities. The inspection at the Brampton facility related to flaws in the production of an anti-itch and acne cream Fluocinonide and for ringworm cream Cicloopirox Olamine.
Taro interim CEO James Kedrowski said, "We have worked diligently at the Brampton facility to resolve the issues noted in the last inspection and are pleased that our efforts have brought the facility back into good standing with the Agency. We are dedicated to developing and manufacturing quality products for our customers while meeting and exceeding all Good Manufacturing Practices (GMP) standards set by the FDA and Health Canada."
Taro's share price closed at $14.40 yesterday, giving a market cap of $566 million.
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Posted: April 2011