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Hi-Tech Pharmacal Will Market Generic Buprenorphine HCl Sublingual Tablets

^{Published on 2010-09-27 05:15:33 - Market Wire}
 

AMITYVILLE, N.Y.--([ BUSINESS WIRE ])--Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) announced that the Company will market buprenorphine HCl 2mg and 8mg sublingual tablets, the generic for Reckitt Benckisera™s Subutex^® sublingual tablets though its Midlothian Laboratories division. Sales in the buprenorphine HCl 2mg and 8mg sublingual tablet market reached $75 million for the 12 months ended June 2010 according to IMS. EthyPharm, the Companya™s development and manufacturing partner for this product received final approval for its Abbreviated New Drug Application (ANDA) from the U.S. Food and Drug Administration. The product is indicated for the treatment of opiod dependence. The Company plans to launch generic buprenorphine HCl immediately. Hi-Tech will receive a percentage of net sales and a share of the profits.

Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and OTC products. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products. The Company's Health Care Products Division is a leading developer and marketer of branded prescription and OTC products for the diabetes marketplace. Hi-Tech's ECR Pharmaceuticals subsidiary markets branded prescription products.

Forward-looking statements (statements which are not historical facts) in this Press Release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements are not promises or guarantees and investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to the impact of competitive products and pricing, product demand and market acceptance, new product development, the regulatory environment, including without limitation, reliance on key strategic alliances, availability of raw materials, fluctuations in operating results and other results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward looking statements which speak only as the date made. Hi-Tech is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a results of new information, future events or otherwise.