Beximco Pharma Regulatory News (BXP)

10 Oct 2006 11:45

Beximco Pharmaceuticals Ltd10 October 2006 Beximco Pharmaceuticals Limited New £25m Plant Commences Production: Ready for UK MHRA and US FDA Inspection October 10, 2006 - Beximco Pharmaceuticals Limited ("BPL" or the "Company"), oneof the leading generic pharmaceutical manufacturers in Bangladesh, todayannounces that its new Oral Solid Dosage ("OSD") plant has become operationalwith the production of Napa, one of the leading pharmaceutical brands inBangladesh. BPL has invested over £25 million in establishing the OSD plant, creating muchneeded new capacity. The Company also believes it will facilitate theregistration of, and enable BPL to supply, certain products in internationalmarkets, particularly in Europe and the US, where pricing is relatively higherthan in less-developed markets where BPL's products are currently sold. The Company has already successfully installed and commissioned two completemanufacturing lines in the plant out of a total of five lines it is aiming for.Commercial production in the plant started in September 2006, generatingproducts targeted at the local Bangladeshi market. Products currently beingmanufactured include Napa (Paracetamol 500 mg tablet) and Neoceptin-R(Ranitidine 150mg 300 mg tablets) that will be followed by a number of productsof cardiovascular, anti-biotic, anti-depressant, anti-diabetic and othertherapeutic classes. The commissioning of the products and processes aimed for the developed marketis currently in progress. Currently the plant is running at 25% capacity. BPLexpects to increase the manufacturing of the plant to full capacity during thefirst quarter of 2007 when it will be manufacturing products for the local andnon regulated export markets. Commenting on the validation of the plant, Nazmul Hassan, Chief Executive said: "We are delighted to have had our plant validated to local FDA standards. Ournew plant will enable BPL to manufacture our own and other pharmaceuticalcompanies' products at a standard suitable for commercial scale in developedcountries. BPL will offer an extremely cost effective solution to manufacturingquality drugs, enjoying significant cost advantages due to the low labour andenergy costs in Bangladesh." For further enquiries please contact: Beximco PharmaNazmul Hassan, CEOTel: +880 2 861 9151, ext.2080 Libertas CapitalAamir Quraishi/Charles GoodfellowTel: +44 (0)20 7569 9650 Financial DynamicsDavid Yates / John GilbertTel: +44 (0)20 7269 7169 Notes to Editors About Beximco Pharmaceuticals Limited Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sellsgeneric pharmaceutical formulation products, active pharmaceutical ingredientsand intravenous fluids. The Company also undertakes contract manufacturing forGlaxoSmithKline and Novartis. The Company operates from a 20 acre site in Dhakaand currently employs over 1,900 staff. The Company's products are sold to retail outlets, medical institutions andother pharmaceutical manufacturers in Bangladesh, in regional markets such asPakistan, Nepal and Myanmar and in other markets overseas, principally in EastAfrica (including Kenya) and South East Asia (including Singapore). This information is provided by RNS The company news service from the London Stock Exchange