Beximco Pharma Regulatory News (BXP)

22 Feb 2007 07:01

Beximco Pharmaceuticals Ltd22 February 2007 BEXIMCO PHARMACEUTICALS LTD. 22 February 2007 Pre-close trading statement Beximco Pharmaceuticals Limited ("BPL" or the "Company") (AIM Symbol: BXP), theleading generic pharmaceuticals manufacturer in Bangladesh, today announces apre-close trading update ahead of its preliminary results. As reported in December 2006, BPL anticipates reporting revenue growth of over10% in 2006. Additionally, trading in 2007 has commenced strongly and theCompany has experienced over 30% sales growth year-on-year since the start ofthe year helped by increased capacity from the new OSD facility. Domestically, BPL has made significant progress with fifty eight new productslaunched during 2006 and an additional ten new products already launched in2007. In December 2006, BPL won the Bangladesh Government tender for the supplyof six essential medicines to the Ministry of Health & Family Welfare for supplybetween February and April 2007. In overseas markets, the Company has made steady progress having entered fournew countries - Bhutan, Cambodia, Somalia and Sri Lanka since the time ofAdmission. The Company has also signed several distribution agreements to enternew markets including Indonesia, Hong Kong, Ghana, Philippines, Ethiopia and theKingdom of Saudi Arabia. Additionally, BPL has won supply contracts for RafflesHospitals and Healthway Hospitals in Singapore, the Getrude Children's Hospitaland Kenyan Medical Supply Agency in Kenya, and also the State PharmaceuticalCorporation in Sri Lanka. BPL's commercial operations continued to make good progress throughout 2006. Thepenicillin formulation plant relocation has been completed and commercialproduction has started. The facility for the manufacture of small volumeparenterals, ophthalmic and nebulizer solutions is also near completion and itis expected that products from this facility will be launched during the secondhalf of 2007. The new USFDA/UKMHRA standard oral solid dosage plant has now commencedcommercial production. The process of GMP certification by developed markets'regulatory authorities has also been initiated. A regulatory consultant has been appointed to carry out the GMP audit forAustralia's Therapeutic Goods Administration ("TGA") of the new oral soliddosage plant and metered dose inhaler plant. All required documents have beensubmitted to TGA and it is expected that the audit will take place during thesecond half of 2007 and results of this audit will be announced after receivingreports from TGA. These plants are also scheduled for GMP audit by UNICEF duringMarch 2007. BPL's preliminary results are expected to be announced in late April. Nazmul Hassan, CEO of BPL, commented: "We are expecting to report strong numbers this year with progress made in allof our operations. The company has continued to expand both domestically andinternationally and we are confident that, with the additional capacity from ournew FDA standard plant, we will continue our rapid growth and maintain ourexpansion into new markets with further new product launches expected throughoutthe year." For further enquiries please contact: Beximco Pharma Tel: +880 2 861 9151, ext.2080Nazmul Hassan, CEO Libertas Capital Tel: +44 (0)20 7569 9650Aamir Quraishi/Andrew Hardy Financial Dynamics Tel: +44 (0)20 7269 7169John Gilbert 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 formultinational pharmaceutical companies. The Company operates from a 20 acresite in Dhaka and currently employs over 2,300 staff. The Company's products are sold to retail outlets, medical institutions andother pharmaceutical manufacturers in Bangladesh, in regional markets and inother overseas markets. This information is provided by RNS The company news service from the London Stock Exchange