JB Chemicals bags ANDA approval for Midodrine Hydrochloride Tablet
The maker and seller of pharmaceutical formulations, herbal remedies and Active pharmaceutical ingredients, JB Chemicals & Pharmaceuticals have received US FDA ANDA approval for their Midodrine Hydrochloride Tablets USP 2.5 mg, 5 mg and 10 mg. The same would be used for the treatment of orthostatic hypotension.
The company is mulling to market the product in Q1FY20 and will enhance its US sales thereafter. Currently, the company exports to US, Europe, Australia, South Africa, other developing countries, Russia and CIS. In FY18, the company had 11 ANDAs approved by USFDA and 6 were pending for approval and were planning 6 more in FY19.
The stock of JB Chemicals & Pharmaceuticals hit 52-week low at 239.95 on July 6 and witnessed a positive RSI crossover with volume spurt. With this, the stock gave a consistent upside up to 352.30 on September 11. The stock retreated up to 61.8 per cent retracement of the prior upward rally on September 28 and traded range bound (between 280-315) up to October 31.
The stock gave a range breakout on November 1 which was its consecutive daily upbeat. Now, going forward, even if the stock corrects it should bounce back from 305 or 301 levels to continue with the uptrend.