Teligent (TLGT) Announces Health Canada Approves First Teligent Topical Product
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Teligent, Inc. (NASDAQ: TLGT), a New Jersey-based specialty generic pharmaceutical company, today announced that its Estonian subsidiary, Teligent OÜ, has received approval from Health Canada's Therapeutic Products Directorate for Lidocaine Hydrochloride Topical Solution USP. This is the fifth approval for Teligent OÜ this calendar year and will be distributed by Teligent's business in Canada.
Based on internal estimates, the total addressable market for this product is approximately $1.0 million CAD.
"We are all especially excited to see this approval. Lidocaine Topical Solution is manufactured in Teligent's facility in Buena, New Jersey, and is being distributed by our Canadian organization." commented Jason Grenfell-Gardner, President and CEO of the Company. "The teams in the United States, Canada, and Estonia, have worked great together and we hope this is the first of many internally developed, manufactured, and distributed products for Teligent in Canada. These groups are now preparing for the launch of this product in 2017."
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