Teligent (TLGT) Announces Second Topical Product Approved by Health Canada

October 5, 2016 8:42 AM EDT
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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 Ointment USP 5%. This is the sixth 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 $1.3 million CAD.

"A year ago, Teligent had all operations in New Jersey. In one year, we've worked together as an organization and evolved to have operations in New Jersey, Canada, and Estonia. The three countries are working together to execute our business model. I am very proud to see what's been accomplished in a year and look forward to what is to come," commented Jason Grenfell-Gardner, President and CEO of the Company. "The teams are now preparing for the launch of this product in 2017."

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