Hi-Tech Pharmacal to market generic anesthetic
Hi-Tech Pharmacal employees at the Amityville plant in 2010. Credit: Tom Decker, 2010
Hi-Tech Pharmacal has acquired rights to market a generic form of the local anesthetic Lidocaine, prepared in a 5-percent ointment formulation, the Amityville company said Thursday.
The agreement was signed with the dental pharmaceutical company Septodont Inc., which will share in profits from Hi-Tech's sales.
Hi-Tech said the drug had sales of $25 million for the one-year period ending in February, according to IMS Health, a provider of health care market data.
Hi-Tech Pharmacal, a maker of generic and branded gel and liquid-form drugs, saw its profits rise about 7 percent, while its sales rose 11 percent for the three-month period ended Jan. 31 -- its most recent quarterly report. It had net income of $10.8 million on sales of $55.6 million compared to income of $10.1 million on sales of $49.7 million in the same quarter last year.
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