Vivimed Lab soars on first export shipment of famotidine tablets to Canada

Vivimed Labs jumped 4.77% to Rs 29.65 after the company announced the first export shipment of famotidine tablets to Canada.

Vivimed Labs announced the export of first shipment of famotidine tablets (40mg and 20mg) to Canada. The drug is manufactured at the company's Hyderabad facility.

Famotidine is an histamine H₂ receptor antagonist medication that decreases stomach acid production. The drug is used for the relief of heartburn, indigestion, upset stomach, sour stomach due to excess stomach acid, hyperacidity and/or acid indigestion. It is also used for the prevention of the symptoms of excess stomach acid brought on by consuming food and/or beverages which may cause symptoms.

Commenting on the development, Ramesh Krishnamurthy, CEO of Vivimed Labs said, "Successful launch of Famotidine is a demonstration of Vivimed's COMO capability to prestigious Canada market in collaboration with a highly respected strategic partner. This sets the stage for exciting new range of COMO products. In the next 6 months Vivimed shall continue to leverage end to end capabilities to expand its COMO foot print."

Vivimed Labs is a pharmaceutical and chemical products company. On a consolidated basis, the company posted a net loss of Rs 49.55 crore in Q3 FY21 as against a net loss of Rs 32.07 crore in Q3 FY20. Net sales jumped 40.6% year on year to Rs 277.94 crore in Q3 FY21.

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