NEW YORK – Sunshine Biopharma Inc. (NASDAQ:SBFM) announced that its subsidiary, Nora Pharma, has received Health Canada's approval to commercialize its biosimilar drug, NIOPEG®. This pegylated version of filgrastim is comparable to NEULASTA® and is designed to reduce infection in patients with non-myeloid cancers undergoing chemotherapy.
NIOPEG® is set to enter the Canadian market, where the current demand for pegfilgrastim is estimated at USD 88 million. The drug, available in pre-filled syringes, aims to decrease the incidence of febrile neutropenia, which is a common complication in cancer patients receiving myelosuppressive anti-cancer drugs.
Malek Chamoun, president of Nora Pharma, expressed the company's commitment to establishing a strong presence in the pharmaceutical industry and to providing high-quality, affordable medicines in Canada. Dr. Steve Slilaty, CEO of Sunshine Biopharma, highlighted the introduction of NIOPEG® as a strategic move to deliver value to shareholders and advance the company toward profitability.
Sunshine Biopharma, through Nora Pharma, currently has a portfolio of 52 generic prescription drugs in the Canadian market and plans to expand this to 60 by the end of 2024. Alongside its generic drug offering, the company continues to develop its proprietary drug program, which includes treatments for liver cancer and SARS Coronavirus infections.
The approval of NIOPEG® represents a significant milestone for Sunshine Biopharma as it aims to strengthen its position in the pharmaceutical sector and meet the therapeutic needs of patients in Canada.
This news is based on a press release statement..
InvestingPro Insights
As Sunshine Biopharma Inc. (NASDAQ:SBFM) makes headway with its Health Canada approval for NIOPEG®, investors are closely monitoring the company's financial health and market performance. The recent approval could be a pivotal moment for the company, aiming to capture a share of the $88 million pegfilgrastim market in Canada. In light of this development, let's delve into some key metrics and insights from InvestingPro.
InvestingPro data shows that Sunshine Biopharma has a market capitalization of $3.3 million USD, which is relatively small, indicating a potential for growth but also a higher level of risk for investors. The company's revenue growth has been impressive, with a 454.42% increase over the last twelve months as of Q4 2023. This could be a positive sign for investors looking for companies with strong sales trajectories.
Despite the company's growth, the InvestingPro Tips suggest caution. Sunshine Biopharma is quickly burning through cash and has been identified as having high price volatility. Additionally, the stock price has experienced significant declines over multiple time frames, including a 95.26% drop over the past year as of Q1 2024. This volatility could be a concern for investors seeking stability, although some may view the current low price as a potential entry point.
On a brighter note, one of the InvestingPro Tips highlights that Sunshine Biopharma holds more cash than debt on its balance sheet, which can provide some financial flexibility and resilience. Moreover, analysts anticipate sales growth in the current year, which could be bolstered by the commercialization of NIOPEG® in the Canadian market.
For those looking to dive deeper into Sunshine Biopharma's financials and market performance, InvestingPro offers additional insights. There are 16 more InvestingPro Tips available for SBFM at https://www.investing.com/pro/SBFM. To access these insights and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, helping investors make more informed decisions.
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