FORT LAUDERDALE, F / ACCESS Newswire / May 6, 2025 / Sunshine Biopharma Inc. (NASDAQ: SBFM) (the "Company"), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that its wholly owned Canadian subsidiary, Nora Pharma Inc., has launched Lurasidone, a new generic prescription drug in the therapeutic class of antipsychotics.
Lurasidone is a generic version of Latuda®. Lurasidone is indicated for the management of schizophrenia and bipolar depression. Nora Pharma's Lurasidone is available in strengths of 20 mg, 40 mg, 60 mg, and 80 mg and comes in bottles of 30 tablets.
According to Verified Market Reports, the global market size of Lurasidone was valued at approximately $1.2 billion in 2024 and is projected to grow to $2.5 billion by 2033, with a compound annual growth rate (CAGR) of approximately 8.01%. The growth in market size for Lurasidone is driven by increasing awareness of mental health disorders and the demand for effective treatments.
Canada represents approximately 2.2% of the global pharmaceutical market (Made in CA). Despite its relatively small share, Canada is ranked as the eighth-largest pharmaceutical market in the world (Statista). Factors contributing to Canada's prominence in this sector include innovative pharmaceutical sector, aging population, and increasing healthcare expenditures.
"We are committed to strengthening our position in Canada's $9.4 billion generic drugs market, which is projected to reach $19.2 billion by 2032," said Dr. Steve Slilaty, CEO of Sunshine Biopharma. "As we launch additional, much needed products in 2025, we aim to enhance accessibility to affordable, high-quality medications, improving the lives of patients nationwide."
About Sunshine Biopharma Inc.
Sunshine Biopharma currently has 70 generic prescription drugs on the market in Canada and more than 15 additional drugs scheduled to be launched in the remainder of 2025. Among the new drugs to be launched is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy. In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.
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Safe Harbor Forward-Looking Statements
This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma Inc. (the "Company") that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company's drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company's filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company's most recent SEC filings.
For more information, please contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
SOURCE: Sunshine Biopharma Inc.
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