Lannett Company, Inc. manufactures and distributes high quality affordable generic medications that are the therapeutic equivalent of the brand-name pharmaceuticals. Our portfolio consists of numerous products across a wide range of therapeutic areas. We believe that our ability to select viable products for development, efficiently develop such products, including obtaining any applicable regulatory approvals, vertically integrate ourselves into certain specialty markets and achieve economies in production are all critical for our success in the generic pharmaceutical industry in which we operate.
Employing our manufacturing expertise, low overhead expenses and efficient product development, manufacturing and marketing capabilities will help us remain competitive in the general pharmaceutical market. We continue to dedicate significant capital toward developing new products as we believe our success is linked to our ability to continually introduce new generic products into the marketplace.
Having cultivated strong and dependable customer relationships by maintaining adequate inventory levels and demonstrating a responsive order filling system, we take pride in our ability to satisfy our customers needs. In doing so, a majority of our orders are filled and shipped either on the day of, or the day following, the date that we receive the order.
Our manufacturing facility consists of 31,000 square feet on an approximately 3.5-acre parcel of land that we own. We also own a 63,000 square foot building on approximately 3.0 acres located within one mile of our manufacturing facility that houses packaging, R&D and certain administrative functions. In addition, we recently purchased a third building located several miles from our manufacturing facility, consisting of 66,000 square feet on approximately 7.3 acres. This building will be used as our main distribution facility as well as housing key administrative functional areas supporting the organization.
Contacts: Robert Jaffe
LANNETT RECEIVES FDA APPROVAL FOR MORPHINE SULFATE ORAL SOLUTION NDA
Philadelphia, PA - June 24, 2011 - Lannett Company, Inc. (NYSE AMEX: LCI) today announced that
the U.S. Food and Drug Administration (FDA) has approved the company's 505(b)(2) New Drug
Application (NDA) for Morphine Sulfate Oral Solution on June 23, 2011. Sales of Morphine Sulfate Oral
Solution for the last 12 months at Average Wholesale prices (AWP) were approximately $31.7 million,
according to Wolters Kluwer. The company expects to commence shipping the product shortly.
"This is first drug approval Lannett has received using a 505(b)(2) application," said Arthur P. Bedrosian,
president and chief executive officer of Lannett. "We applaud the dedicated efforts or our team and thank
our shareholders for their patience and faith in our ability to re-launch this important medication."
Bedrosian went on to say that the company is expecting to receive approvals for a number of Abbreviated
New Drug Applications (ANDAs) currently pending at the FDA, and looks forward to working with the
agency, both locally and in Maryland, on other 505(b)(2) NDA filings.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic
pharmaceutical products for a wide range of indications. For more information, visit the company's