FDA approves Perrigo nail fungus treatment

Perrigo Co. (Agis Industries) (Nasdaq:PRGO; TASE:PRGO) announced yesterday that it that it had been granted tentative approval from the US Food and Drug Administration (FDA) for its ANDA (abbreviated new drug application) for ciclopirox topical solution, 8%, for the treatment of mild to moderate fungal infections of the fingernails and toenails.

The patent for ciclopirox, held by a Sanofi Aventis unit, expires in September 2007.

Perrigo, which acquired Agis Industries last year, has a market cap of NIS 6.5 billion. The company posted a net profit of NIS 276 million on NIS 4.7 billion sales in the third fiscal quarter, compared with a loss of NIS 1.5 billion on NIS 3 billion sales in the corresponding quarter last year.

Published by Globes [online], Israel business news - www.globes.co.il - on October 3, 2006