Caraco Pharmaceutical Laboratories, Ltd. moves to OTC Bulletin Board.DETROIT--(HealthWire)--July 30, 1996--Caraco Pharmaceutical Laboratories, Ltd. (OTC BULLETIN BOARD OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CARA CARA Chicago Area Runners Association CARA Center for Applied Research in the Apostolate (Washington, DC) CARA Center for Astrophysical Research in Antarctica CARA Classification and Rating Administration ) announced July 29, 1996 that its common stock and warrants are now being quoted on the OTC Bulletin Board following a delisting of its securities from the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market for not maintaining minimum capital and surplus requirements of $1 million. The Company intends to shortly raise additional capital and seek reinstatement on NASDAQ. William R. Hurd, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Caraco said: "I believe present market makers are continuing to make a market in Caraco securities on the OTC Bulletin Board." Dilip Shanghvi, the Managing Director of Sun Pharmaceutical Industries, Ltd., an Indian company, which recently signed two non-binding Letters of Intent with Caraco pursuant to which Sun would make an initial investment in Caraco of $4 million and sell it certain rights for 20 generic pharmaceutical products, stated: "In spite of this development Sun Pharma continues to be enthusiastic about working with Caraco in the near future. We look forward to continuation of the due diligence so that the final definitive agreements can be signed. This relationship is an important component of our overall global strategy." Sun Pharma is among the fastest growing pharmaceutical companies in India, with a compounded annual growth rate of 54% over the last five years. Sun Pharma markets a portfolio of specialty pharmaceuticals including seven brand leaders in India across the therapeutic areas of cardiology, neurology, psychiatry and gastroenterology. It has four international class manufacturing facilities for formulations and bulk drugs. Sun Pharma has four international offices which market branded prescription products in 16 countries, with exports accounting for 20% of sales. Also, Sun Pharma was one of the first Indian companies to have invested in research and development. At its R&D center, SPARC (Scalable Performance ARChitecture) A family of RISC CPUs from Sun that runs mostly under Sun's Solaris, but also under Linux and BSD operating systems. After development began in the mid-1980s by David Patterson of the University of California at Berkeley and Bill , a team of 63 scientists works on projects in process/formulation development and in biotechnology. Caraco develops, manufactures and markets generic drugs for the ethical and over-the-counter markets, at a state of the art 70,000 square foot, FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approved, manufacturing facility in Detroit. In August 1995, the Company signed a distribution agreement with the leading pharmaceutical and healthcare distributor McKesson Drug Company, a subsidiary of McKesson Corporation (NYSE NYSE See: New York Stock Exchange :MCK MCK McKinsey & Company (consulting firm) MCK Mohawk Council of Kahnawake (Quebec) MCK Mon Colle Knights (children's TV show) MCK Mirror Classes Kit MCK Maintenance Check ), which provides Caraco with access to McKesson's existing distribution networks. CONTACT: Caraco Pharmaceutical Laboratories, Ltd., Detroit William R. Hurd, 313/871-8400 |
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