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FORT LAUDERDALE - Sunshine Biopharma Inc. (NASDAQ:SBFM), a pharmaceutical company known for its life-saving medicines in oncology and antivirals, announced today the launch of a new generic prescription drug, Lurasidone, through its Canadian subsidiary, Nora Pharma Inc. Lurasidone is a generic version of Latuda®, used for treating schizophrenia and bipolar depression. According to InvestingPro data, the company has demonstrated strong revenue growth of ~45% over the last twelve months, with a healthy current ratio of 4.11, indicating solid short-term financial stability.
The company has made Lurasidone available in 20 mg, 40 mg, 60 mg, and 80 mg strengths, packaged in bottles of 30 tablets. This launch is part of Sunshine Biopharma’s efforts to expand its presence in Canada’s generic drugs market, which is projected to double from $9.4 billion to $19.2 billion by 2032.
According to market analysis, the global market size for Lurasidone was valued at around $1.2 billion in 2024 and is expected to grow to $2.5 billion by 2033, with a compound annual growth rate of about 8.01%. This growth is attributed to the increasing awareness and demand for effective mental health disorder treatments.
Dr. Steve Slilaty, CEO of Sunshine Biopharma, expressed the company’s commitment to enhancing patient accessibility to affordable, high-quality medications in Canada. He highlighted the company’s plans to launch more products in 2025, including NIOPEG®, a biosimilar of the drug NEULASTA®.
Sunshine Biopharma’s current portfolio includes 70 generic prescription drugs in the Canadian market, with over 15 additional drugs set to be launched in the remainder of 2025. The company is also engaged in proprietary drug development, working on treatments for liver cancer and SARS Coronavirus infections.
The information in this article is based on a press release statement from Sunshine Biopharma Inc. and reflects the company’s current expectations and projections. However, these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
In other recent news, Sunshine Biopharma Inc. announced the release of Everolimus, a generic equivalent of Afinitor®, through its Canadian subsidiary, Nora Pharma Inc. This launch is part of the company’s strategy to expand its presence in the Canadian generic prescription drugs market. Additionally, Sunshine Biopharma secured approximately $2.46 million through a registered direct offering with institutional investors, with Aegis Capital Corp. acting as the exclusive placement agent. The proceeds are intended for general corporate purposes and to enhance working capital. The company also reported progress in its liver cancer treatment, with studies showing promising results for its K1.1 mRNA Lipid Nanoparticle in reducing tumor growth in mice. Furthermore, Sunshine Biopharma has entered a strategic agreement to market two new generic antibiotics in Canada, aiming for a launch within the next six to nine months. In the gastrointestinal sector, the company has launched Prucalopride, a generic form of Resotran®, to treat chronic idiopathic constipation. Sunshine Biopharma continues to market 70 generic drugs in Canada and plans to introduce additional products, including NIOPEG®, a biosimilar of NEULASTA®.
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