FORT LAUDERDALE, FL / ACCESS Newswire / January 21, 2025 / Sunshine Biopharma Inc. (NASDAQ:SBFM) (the "Company"), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that its wholly owned Canadian subsidiary, Nora Pharma Inc., has launched two new generic prescription drugs.
The newly launched drugs are Olanzapine and Olanzapine ODT. Olanzapine is a generic version of Zyprexa®. Olanzapine is indicated for the acute and maintenance treatment of schizophrenia and related psychotic disorders. Olanzapine is also indicated for the acute treatment of manic or mixed episodes of bipolar I disorder. Nora Pharma's Olanzapine is available in bottles of 100 tablets for the Canadian market in strengths of 2.5mg, 5mg, 7.5mg, 10mg, 15mg and 20mg. Nora Pharma's Olanzapine ODT (Orally Disintegrating Tablets) is available for the Canadian market in strengths of 5mg, 10mg, 15mg and 20mg in blisters of 30 tablets.
In addition to its use as a monotherapy, Olanzapine is used in combination with Lithium or Valproate for treatment of depressive episodes of bipolar I disorder and in combination with Fluoxetine for treatment-resistant depression.
The olanzapine market is expected to see steady growth in the coming years. The projected increase in emotional illness and mental health issues is set to drive the expansion. In 2023, a report from the Substance Abuse and Mental Health Services Administration (an agency within the U.S. Department of Health and Human Services) revealed a staggering statistic of 5.5% or approximately 14 million adult individuals reporting serious mental illness in 2021. The escalating prevalence of emotional illness, increased awareness of mental health issues, advancements in psychiatric treatments, and a growing aging population are factors that underscore the growth trajectory of the olanzapine market.
"We continue to strengthen our presence in the Canadian generic drugs market, currently estimated to be at $9.4 billion and projected to grow to $19.2 billion by 2032," said Dr. Steve Slilaty, CEO of Sunshine Biopharma. "We eagerly anticipate launching more products in 2025," he added.
About Sunshine Biopharma Inc.
Sunshine Biopharma currently has 69 generic prescription drugs on the market in Canada and 20 additional drugs scheduled to be launched in 2025. Among the new drugs to be launched is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy.
In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.
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Safe Harbor Forward-Looking Statements
This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the "Company") that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company's drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company's filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company's most recent SEC filings.
For more information, please contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
SOURCE: Sunshine Biopharma Inc.
