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Investing.com -- Sunshine Biopharma Inc (NASDAQ:SBFM) stock surged 14.5% on Thursday following the company’s announcement of the launch of Pravastatin, a generic cholesterol-lowering medication.
The pharmaceutical company revealed that its wholly owned Canadian subsidiary, Nora Pharma Inc., has introduced Pravastatin to the market as a generic version of Pravachol. The medication, which belongs to the statin class, works by lowering LDL (bad cholesterol) and increasing HDL (good cholesterol) levels to help prevent heart attacks, strokes, and other cardiovascular conditions.
According to the company, Nora Pharma’s Pravastatin is available in 10 mg, 20 mg, and 40 mg strengths, packaged in bottles of 100 tablets.
The launch positions Sunshine Biopharma to compete in Canada’s growing cholesterol-lowering drug market, which IQVIA estimates will reach $582 million by the end of 2025. The same source projects this market will expand at an 8% CAGR, reaching $1.07 billion by 2033.
"We are excited to introduce Pravastatin to the market," said Steve Slilaty, CEO of Sunshine Biopharma. "This launch reinforces our dedication to improving patient outcomes through innovative therapies that address critical health needs."
The global lipid-lowering drugs market is expected to exceed $46.58 billion by 2033, according to Biospace data cited by the company.
Sunshine Biopharma focuses on developing and offering medicines in various therapeutic areas including oncology and antivirals.
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